choose 1  if, for the last unit of a good produced by a perfectly competitive firm, MR>MC, then in producing it the firm: 1- added more to total revenue than it added to total costs 2-is maximizing marginal profit 3-has minimized its losses 4-added more to total costs than it added to total revenue

Q: 8. 4. A firm in a perfectly competitive market will operate in the short run as long as its price…

A: Variable cost is a cost varying in response to a change in output level. These costs are a function…

Q: The packaged milk market in Pakistan is perfectly competitive. Some firms in the market are…

A:

Q: Suppose the shirts industry is perfectly competitive and begins in a long-run equilibrium. (a)…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: EXAMPLE: Paulo's Ping Pong Balls Is a firm that operates in a competitive market. The ping pong…

A: The firm is a part of competitive market.

Q: If Fatimah's Bee Farm is a perfectly competitive firm, the demand for Fatimah's honey has? 1. Zero…

A: Perfect competition refers to the market structure in which there are many buyers and sellers of a…

Q: the long-run equilibrium, all firms in a perfectly competitive market earn zero economic profit.…

A: In a perfectly competitive market there are large number of firms producing similar and identical…

Q: Use the following to answer questions 3-6: The market for sweet potatoes consists of 10 identical…

A: Total cost (TC): - it is the sum of fixed and variable costs incurred in the production process.…

Q: The accompanying graph illustrates a perfectly competitive firm's total revenue (TR) curve and total…

A: Answer in step 2.

Q: If a firm's total revenue is $100, it's total cost is $130, and its total fixed cost is $40. Should…

A: Hi Student, thanks for posting the question. As per the guideline we are providing answers for the…

Q: 1. Draw short-run firm and industry competitive equilibriums for a perfectly competitive…

A: A perfectly competitive market is where there are a lot of buyers and sellers. The industry’s…

Q: Give an example of a firm which competes in a competitive market. Explain. Suppose that the this…

A: Perfect competition is a benchmark, or "ideal market," to which real market designs can measure up.…

Q: In the long-run, a perfectly competitive firm will earn what kind of economic profit?

A: In the long run, a perfectly competitive firm will earn normal/zero economic profit.

Q: 1.(a) Explain with the help of a graph how a perfectly competitive firm determines its profit-…

A: The perfectly competitive market would result in large number of buyers and sellers in the market.…

Q: The following graph shows the output for Pat, a profit-maximizing corn farmer.   1. Suppose the corn…

A: A firm’s short run supply function is the increasing part of its short run marginal cost curve above…

Q: In the short-run equilibrium of a competitive marketwith identical firms, if new firms are getting…

A: Perfect competition is a market structure in which characterized by a large number of buyers and…

Q: In a perfectly competitive market, there are firms, all selling products. Select one: a. several…

A: In a perfectly competitive market the price are market determined and all firms are price price…

Q: Draw a diagram illustrating the case of a perfectly competitive business firm making a profit. Label…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: explain four assumptions of perfectly competitive mar

A: In economics, the market for various products in the economy is differentiated on the basis of…

Q: Price MC ATC 4 10 $8 每6 MR AVG 出4 $ 3 Quantity 10 20 30 40

A: In a perfectly competitive market, an optimal output for a firm is when it is producing at a level…

Q: At what point would a competitive firm shut down in the short run

A: A competitive firm is a price taker, which means the firm takes the price determined by the market…

Q: Imagine a firm in a perfectly competitive market. The firm is currently making an economic profit.…

A: Perfect competition happens when all organizations sell indistinguishable items, market proportion…

Q: ssume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical firm…

A: (a) Market is competitive so a typical firm's demand curve is fixed at market price which means…

Q: Discuss the long-term effects in a perfectly competitive market if an existing firm is making…

A: A market is a place where the buyers and sellers interact with each other and the exchange of goods…

Q: If, for the last unit of a good produced by a perfectly competitive firm, MR>MC, then in producing…

A: NOTE: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: ... 50 MC ATC 40 MR 30 20 10 10 20 30 40 Quantity (per day) The figure above shows a perfectly…

A: Equilibrium price and equilibrium quantity will set at the point where marginal revenue equals…

Q: Explain why a perfectly competitive firm would or would not advertise.

A: Perfect competition refers to the type of market organization in which there are many buyers and…

Q: 08. Which of the following holds for a perfectly competitive firm that is in long-run competitive…

A: 08. Price is equal to marginal cost is long run competitive equilibrium condition of a perfectly…

Q: List the characteristics needed for a perfectly competitive market. Provide a simple explanation of…

A: A perfectly competitive market is the market in which there are lots of buyers and sellers, buying…

Q: Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical…

A: a) The graph below shows Grande's demand curve along with the cost curves.  QG is the profit…

Q: Suppose that a perfectly competitive firm's marginal revenue equals $12 when it sells 10 units of…

A: Perfectly competitive market is the one in which there are large number of buyers and sellers…

Q: C. Given the data below. 1. Draw the corresponding TC curve TC 20 60 40 80 60 100 80 130 100 240 2.…

A: Disclaimer :- As you posted multipart questions we are supposed to solve the first 3 questions only…

Q: Quantity Demanded Figure 1 Quantity Demanded Figure 2 For a perfectly competitive firm, which line…

A: Introduction: Under perfect competition, the price is determined in the market by market forces i.e.…

Q: 1. Suppose that the restaurant industry is perfectly competitive. Joe's Diner is always packed in…

A: In the short run, if firm manages to charge the price, atleast higher than average variable cost,…

Q: Suppose the book-printing industry is competitive and begins in long-run equilibrium. a. Draw a…

A: a)  Typical firm in the industry The Above figure 1  shows the curves of a typical firm in the…

Q: The market for corn is perfectly competitive and all firms are in long-run equilibrium currently.…

A: If corn is an inferior good, then with rise in income of consumers, they will demand less amount of…

Q: P=5 ATC=6 AVC=4 Equilibrium Quantity=50 Q-a-illustrate the case of the perfectly competitive firm A…

A: The firms under a perfectly competitive market structure are considered to be price takers and have…

Q: xplanations.

A: In the long run,the profits and losses under perfectly competitive industry tend to get eliminated…

Q: For a firm in a perfectly competitive market, the price of the good is always A. Equal to marginal…

A: There are many buyers and sellers in a competitive market structure . Firms are free to enter or…

Q: Use a graph to demonstrate the scenario where a competitive firm would be earning positive profit in…

A: 1) The firm produces at a price where the industry’s supply is equal to its demand at point e and…

Q: Explain how the profit-maximizing rule of setting P = MC leads a perfectly competitive market to be…

A: In a perfectly competitive market, there are large number of buyers and sellers in the market…

Q: Which of the following is true in the long run equilibrium of a perfectly competitive market? O…

A: In the long run equilibrium in perfectly competitive market, firms earn an economic profit of zero.

Q: Refer to the above diagram for a purely competitive producer. The lowest price at which the firm…

A: Pure competition is a market structure with a broad range of buyers and sellers which is really…

Q: In the long run, a perfectly competitive firm can

A: The ideal kind of market structure is known as "perfect competition," and it occurs when all…

Q: Assume the market for coffee mugs is perfectly competitive. Firms in the market are producing…

A: Let's First know about the terms we will use in the following question:- Average variable cost is…

Q: 31. Which of the following is the best example of a perfectly competitive market? a. soft drinks b.…

A: Perfectly competitive market is characterized by the • many sellers  and many buyers • homogeneous…