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19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices--------sufficiently to allow all firms to make a normal profit only.

19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices--------sufficiently to allow all firms to make a normal profit only.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter12: Firms In Perfectly Competitive Markets
Section: Chapter Questions
Problem 12P
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19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices-------sufficiently to allow all firms to make a normal profit only. MC AC R13 R10 AR = MR E Quantity 1200 a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise Unit revenue and cost
Transcribed Image Text:19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices-------sufficiently to allow all firms to make a normal profit only. MC AC R13 R10 AR = MR E Quantity 1200 a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise Unit revenue and cost
23. The following table represents the short-run total cost schedule of an energy drink manufacturer. Study the following table, and then answer the question. The average variable cost to the firm when 30 bottles of mineral water are produced is Labour Total cost Output (bottles of mineral water per day (workers per day) (R) 400 1 30 700 80 1 000 3 120 1 300 4 140 1 600 5 150 1900 а. R10 b. R13,33 C. R23,33. d. R30
Transcribed Image Text:23. The following table represents the short-run total cost schedule of an energy drink manufacturer. Study the following table, and then answer the question. The average variable cost to the firm when 30 bottles of mineral water are produced is Labour Total cost Output (bottles of mineral water per day (workers per day) (R) 400 1 30 700 80 1 000 3 120 1 300 4 140 1 600 5 150 1900 а. R10 b. R13,33 C. R23,33. d. R30
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