Answer the following true or false questions below: a) A firm will produce if P <...
Answer the following true or false questions below:
a) A firm will produce if P < AVC. (true or false)
b) When P > AVC, the firm will produce in the short run at the quantity where P(=MR) is equal to its increasing MC. (true or false)
c) The MC curve above the AVC curve is the firm's short-run supply curve. (true or false)
Homework Answers
a) false
Firm will shut down is P<AVC in the short run
b) true
Equilibrium condition is P=MC and P>AVC
c) true
Portion of MC above AVC is firm's short run supply curve
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Answer the following true or false questions below: a) A firm will produce if P <...
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QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
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Please answer all multiple choices . i would be very
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please answer all 16. To say that a firm is a price taker means that: a....
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Question 2: Consider a firm in a perfectly competitive market that should produce a positive quantity...
Question 2: Consider a firm in a perfectly competitive market that should produce a positive quantity in the short-run, but is still earning a loss. A.) Draw the cost curves (ATC, AVC, MC, MR) for the firm. Clearly label the quantity this firm would produce. Label the loss the firm would incur. B.) Briefly explain why the MR looks the way it does and why you placed it where you did on your diagram. (How do we determine MR for...
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Please answer both of the following questions: Price мC ATC AVC В A Quantity/Week Refer to...
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Price мC ATC AVC В A Quantity/Week Refer to the above figure. The competitive firm's short run supply curve starts at B and goes along the ATC curve as quantity increases. starts at B and goes along the MC curve as quantity increases. starts at A and goes along the AVC curve as quantity increases. starts at A and goes along the MC curve as quantity increases. QUESTION 14 A market structure in...
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Use the following to answer questions 36-37 Answer the next question(s) on the basis of the...
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Please answer the following 3 questions:
QUESTION 1 In the short run, the perfectly competitive firm will always earn an economic profit when P MC. P ATC. P > AVC P > ATC. QUESTION 2 The demand curve faced by a perfectly competitive industry is horizontal slopes upward. has no slope. slopes downward. QUESTION 3 The short-run supply curve of a perfect competitor is its marginal revenue curve. its marginal cost curve equal to or above the minimum point on...
Please answer all multiple choices . i would be very
thankful
14) Which company is most likely to be less efficiently managed? a) U.S. Postal Service b) UPS c) FedEx d) AppleS IC AC AVC 30 20 4 10 20 30A 40 50 60 70 80 67 OUTPUT 34 79 The following questions 14 to 16 are based on the above graph 15) The profit-maximizing output is: a) 30 b) 54. c) 60 d) 67 e) 79 16) At the...
please answer all
16. To say that a firm is a price taker means that: a. the firm's demand curve is perfectly inelastic b. the firm's marginal revenue curve is downward sloping c. the firm's average total cost curve is horizontal d. the firm can alter its output without influencing price e. all of the above 17. In a perfectly competitive market, the demand curve facing the firm is: a. identical to the market demand curve b. perfectly clastic even...
TRUE OR FALSE TF DO 1. In a price-taker market, all firms produce an identical product and each firm comprises only a very small portion of the total market. 2. If a price-taker firm wants to sell its output, it must accept the market price, but it can sell as much output as it wishes at that market price. O N 3. For a price-taker firm, its marginal revenue from the sale of an addi- tional unit is generally less...
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Please answer both of the following questions:
Price мC ATC AVC В A Quantity/Week Refer to the above figure. The competitive firm's short run supply curve starts at B and goes along the ATC curve as quantity increases. starts at B and goes along the MC curve as quantity increases. starts at A and goes along the AVC curve as quantity increases. starts at A and goes along the MC curve as quantity increases. QUESTION 14 A market structure in...
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Use the following to answer questions 36-37 Answer the next question(s) on the basis of the following cost data for a firm which is selling in a purely competitive market Average fixed Average variable Average Total product total Marginal cost $100.00 cost cost cost 1 $17.00 $117.00 66.00 $17 15 13 12 13 14 26 30 35 41 50.00 33.33 25.00 20.00 16.67 16.00 15.00 14.25 14.00 14.00 15.71 48.33 39.25 34.00 5 6 30.67 30.00 7 14.29 12.50 11.11...
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