Homework Answers
The permanent shut down of a perfectly competitive firm in the long run is the minimum point of ATC curve. If the firm is able o cover its costs, hen it should not shut down. It should be kept in mind that in the long run all costs are variable in the long run.
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The permanent shut down point of a perfectly competitive firm, in the long run, is: Select one: a. the minimum poin...
all of them Question 1 (1 point) A firm producing a positive output level, covering variable...
all of them
Question 1 (1 point) A firm producing a positive output level, covering variable costs but making a loss in the short run O may nonetheless be doing the nest it can with respect to its profits O should exit the industry O should definitely shut down O is not maximizing profits O should either expand or contract its plant size Question 2 (1 point) The perfectly competitive firm's profits can be calculated as O (MR-ATC)Q O (P-AVC-AFC)Q....
This Competitive Firm [Select] * earning profits. They [Select] 4 at the shut-down print because the...
This Competitive Firm [Select] * earning profits. They [Select] 4 at the shut-down print because the AVC is [Select] the MR curve. COST OUTPUT This Competitive Fire [Select ] earning profits. They is not [Select) at the shut-uvir point because the AVC is [Select] the MR curve. COST 30 40 60 OUTPUT This Competitive Firm [Select] earning profits. They at the shut-down point because the AVC is ✓ [ Select ] are are not the MR curve. / N COST...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
A firm will shut down in long-run if the a. Firm is making zero economic profits....
A firm will shut down in long-run if the a. Firm is making zero economic profits. b. Price is anywhere above the the minimum average variable cost (AVC) c. Price is above the minimum average total cost (ATC) d. Price is equal to the minimum average total cost (ATC) e. Price is anywhere below the minimum average total cost (ATC)
In the short run, a perfectly competitive firm is producing where MR-MC. At this output, P>AVC...
In the short run, a perfectly competitive firm is producing where MR-MC. At this output, P>AVC and P>ATC. This firm A) is making positive economic profits B) is making zero economic profits C) is making negative economic profits but should continue to operate D) is making negative economic profits and should shut down.
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing...
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
8. A perfectly competitive firm is earning an economic profit. In the short run it should...
8. A perfectly competitive firm is earning an economic profit. In the short run it should In the long run it should A. shut down; expand B. produce where MC = MR; leave the industry C. produce where MC = MR; expand production D. shut down; exit the industry 9. In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price P, marginal cost MC, and average total cost ATC? A. P> MC and...
Apple farmers are in a perfectly competitive industry. If the apple market is in a long-run...
Apple farmers are in a perfectly competitive industry. If the apple market is in a long-run equilibrium which of the following must be true? Select one: e a. P > MR = MC = AVC b. P = MR = MC = ATC. O c. P = MR = MC = AVC. d. PMR = MC > ATC
Afirm in a perfectly competitive market will choose q* in the long run such that price...
Afirm in a perfectly competitive market will choose q* in the long run such that price is equal to minimum MC minimum revenue Cannot be determined from the information minimum AFC minimum AVC
all of them
Question 1 (1 point) A firm producing a positive output level, covering variable costs but making a loss in the short run O may nonetheless be doing the nest it can with respect to its profits O should exit the industry O should definitely shut down O is not maximizing profits O should either expand or contract its plant size Question 2 (1 point) The perfectly competitive firm's profits can be calculated as O (MR-ATC)Q O (P-AVC-AFC)Q....
This Competitive Firm [Select] * earning profits. They [Select] 4 at the shut-down print because the AVC is [Select] the MR curve. COST OUTPUT This Competitive Fire [Select ] earning profits. They is not [Select) at the shut-uvir point because the AVC is [Select] the MR curve. COST 30 40 60 OUTPUT This Competitive Firm [Select] earning profits. They at the shut-down point because the AVC is ✓ [ Select ] are are not the MR curve. / N COST...
The loss of a perfectly competitive firm which shuts down in the short run: Multiple Choice O is equal to its total variable costs. O O ь is zero. гето. O is equal to its total fixed costs. cannot be determined. Refer to the diagrams, which show the demand and cost curves for a perfectly competitive firm producing output and the demand and supply curve for the industry in which it operates. Which of the following is correct? ATC AVC...
In comparing the long-run equilibrium of a monopolistically competitive firm and a perfectly competitive firm, which of the following is incorrect? Select one: a. they both produce at the minimum point of the average cost curve ob. the both produce at point where price equals average costs c. they both produce where MR = MC od. the both make zero economic profits e. none of the above. o
In the short run, a perfectly competitive firm is producing where MR-MC. At this output, P>AVC and P>ATC. This firm A) is making positive economic profits B) is making zero economic profits C) is making negative economic profits but should continue to operate D) is making negative economic profits and should shut down.
The following graph shows the demand and cost curves for a perfectly competitive firm. The profit-maximizing firm will: MC ATC // AVC Multiple Choice shut down. ο produce with short-run losses. O produce with long-run economic profits. ο produce with short-run economic profits.
8. A perfectly competitive firm is earning an economic profit. In the short run it should In the long run it should A. shut down; expand B. produce where MC = MR; leave the industry C. produce where MC = MR; expand production D. shut down; exit the industry 9. In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price P, marginal cost MC, and average total cost ATC? A. P> MC and...
Apple farmers are in a perfectly competitive industry. If the apple market is in a long-run equilibrium which of the following must be true? Select one: e a. P > MR = MC = AVC b. P = MR = MC = ATC. O c. P = MR = MC = AVC. d. PMR = MC > ATC
Afirm in a perfectly competitive market will choose q* in the long run such that price is equal to minimum MC minimum revenue Cannot be determined from the information minimum AFC minimum AVC
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