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Distinguish between short-run and long-run supply
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- Give an example of a price at which this firm would want to produce and sell output in the short run, but not in the long run.The following graph shows the long-run supply curve for pears. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pears. (Note: Place the points of the line either on I and F or on I and C.) 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.At the current short-run market price, firms will __________ in the short run. In the long run, ____________ the market given the current market price.
- For a perfectly competitive firm to operate and produce an output level in the short-run, the firm's Price must be greater than, or equal to, what cost for the firm?Then, plot points along the portion of the firm's short-run supply curve that corresponds to prices where there is positive output.In the long-run equilibrium, what is the price? what is the output? what is the total profit?
- Why Law of Diminishing Returns is a short run law?If the price of the good is $100, what is the firm's profit in the short-run equilibrium?In the short run, firms will 1. (earn economic profits, suffer economic losses). In the long run, the supply curve will 2. (shift rightward, shift leftward, remain unchanged) Comparing the two long-run equilibria on the graph, you can see that the milk market is an example of 3. (a decreasing-cost industry, an increasing-cost industry, a low-cost industry, a high-cost industry)