In the perfectly competitive market, the firm is a price taker so that its P=MC=MR=AC=D
a) Profits = 0
b) MR = P = 5
c) MC= P = 5
d) AC= P = 5
You are the head of a firm in a perfectly competitive market. You sell cheese for $5. What is your π? What is your mar...
You are the head of a firm in a perfectly competitive market. You sell cheese for $5. a. What is your π? b. What is your marginal revenue? c. What is your marginal cost? d. What is your average cost?
5. You are the head of a firm in a perfectly competitive market. You sell cheese for $5. a. What is your it? b. What is your marginal revenue? C. What is your marginal cost? d. What is your average cost?
5. You are the head of a firm in a perfectly competitive market. You sell cheese for $5. a. What is your n? b. What is your marginal revenue? c. What is your marginal cost? d. What is your average cost?
The graph presents the costs and revenue for a perfectly (purely) competitive firm, where the market price is equal to $600 per unit of output. This firm has a fixed cost equal to $3,600. Use this information to determine the optimal output and profit for this firm. What is the optimal output of this perfectly (purely) competitive firm? (Round your answer to the nearest whole number.) Cost and revenue $2400 2200 2000 1800 Average 1600 total cost Marginal cost Average...
Incorrect Question 2 0/5 pts Assume that a firm is operating in a perfectly competitive market at its shut-down level of output. Which of the following statements is false? Marginal cost and average revenue are equal Marginal cost and average variable cost are equal Marginal cost and marginal revenue are eque none of the options
A firm operating in a perfectly competitive market faces a market price of $16. Below is some additional information on the firm: Output 50 10 Workers $67 Average Total Cost . Question 1: What is the firm's Total Revenue? $ Question 2: What is the firm's Average Revenue? $ Question 3: What is the firm's Marginal Revenue? $
In a perfectly competitive market, the price that the firm faces from supply and demand is also equal to: a. average variable cost. b. marginal revenue and average revenue. c. average revenue but never marginal revenue. d. long run average cost in the short run.
Assume that a firm is operating in a perfectly competitive market at its shut-down level of output. Which of the following statements is false? Marginal cost and average revenue are equal Marginal cost and average variable cost are equal Marginal cost and marginal revenue are equal none of the options
1. Under the perfectly competitive market structure, the demand curve of an individual firm is [ Select ] ["downward sloping", "unit-elastic", "perfectly inelastic", "perfectly elastic"] meaning that the demand curve is also the [ Select ] ["Marginal Cost curve", "average cost", "marginal revenue = Marginal costs", "marginal revenue curve"] 2. With a perfectly competitive firm the supply curve is: a) Marginal Product b) the marginal cost curve above the Average fixed Cost curve c) it has...
What explains the horizontal demand curve for a Firm in a perfectly competitive market? How does this differ from the Market demand curve in a perfectly competitive market? Explain the behavior of marginal revenue in a Market compared to a Firm.