A perfectly competitive firm will be interested in producing a positive output only when the price of its product exceeds its ______. a. AFCmin b. AVCmin c.MCmin d.ATCmin
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A
a. AFCmin
b. AVCmin
c.MCmin
d.ATCmin
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- Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the firm not simply increase its profits by selling an extremely high quantity?What are the four basic assumptions of perfect competition? Explain in words what they imply for a perfectly competitive firm.How does an increase in market demand for a product in a perfectly competitive market affectthe short-run and long-run equilibrium? Show on a diagram and discuss the adjustments firms make in terms of price and quantity to reach the new equilibrium. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- If a competitive firm maximizes short-run profits by producing some quantity of output, which of the following must be TRUE at that level of output? * a)p ≥ AVC b)MR = MC c)p = MC d)All of this answerThe market for which product best fits the definitionof a perfectly competitive market?a. eggsb. tap waterc. moviesd. computer operating systemsFabulous Farms operates in a perfectly competitive market. Which of the following is required for Fabulous Farms to both maximize profits and achieve allocative efficiency? A P = MC B P > MC C P < MC D P = MC – MR
- Jackson Hardware, a firm in the perfectly competitive custom hardware industry, asks you for your expert economic opinion. They tell you the following: - MC is $200/unit- Quantity produced 550 units - Total Revenue: $110,000 - Total FC are $80,000 - Total VC are $100,000 What is your advice based upon the info above?a) keep operating and increases productionb) shut down right nowc) keep operating but decreases productiond) Keep operating and do not change production at allIn the long run, perfectly competitive firms are at equilibrium when: (LMC = Long-Run Marginal Cost; LAC = Long-Run Average Cost) a.P = LAC > LMC b.P = LMC = LAC. c.P = LMC > LAC d.P = MR.A new korean restaurant opens in a city. People are initially cautious about eating newfood items, until an influential health report warns consumers against korean foodsuggest that they decrease their consumption of Korean foods. As a result, demand forKorean cuisine decreases dramatically.Assuming that the market for Korean food is perfectly competitive, answer thequestions below.a. In the story above, what should have happened to the short-run economic loss of theKorean restaurant as a result of the health report?b. Assuming that demand remains low, what do you anticipate will happen to thenumber of korean restaurants in the city over the long run?c. Would you predict that the first korean restaurant would be able to still running inloss over the long run? Explain your answer.d. Using one graph of the market as a whole and one graph of a representative firm'scost curves, illustrate your answers to parts a - c. (Draw diagram of a, b and c and labelyour diagram).e. Local…
- Question: In a perfectly competitive market, what is true about the long - run equilibrium? Options: A) Firms earn economic profits in the long run B) Price equals marginal cost for all firms C) There are significant barriers to entry for new firms D) Firms produce at the point where marginal revenue equals marginal cost Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.A perfectly competitive firm produces the level of output at which MR=MC on the rising portion of the firm’s marginal cost curve. At that output level, it has the following costs and revenues: TC = $830,000 VC = $525,000 TR = $428,000 At that optimal level of output, what profit (loss) does the firm earn?Draw a diagram for a perfectly competitive industry with firms earning normalprofits in the long run. Assume that all firms in the industry use oil as key inputs.Using an appropriate diagram, illustrate an increase in the price of inputs. Will firmlevel profits increase or decrease and will market supply increase or decrease?