(Figure: The Perfectly Competitive Firm) Use Figure: The Perfectly Competitive Firm. The figure shows a perfectly competitive firm that faces demand curve d and maximizes profit. If the market price is $3, the firm will produce units of output per day. Price (per unit) MC ATC $3.00 -d 2.00 1.90 TI 1.00 100 250 300 400 Output (per pday) 400 100 300 250

11. The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. If this firm chooses to produce no output in the short run, what must the market price be? A-Below $20 $21-$30 $31-$40 $41-$50 Above $50   7. firm's implicit costs are $10,000, explicit costs are $5,000, and its total revenue is $10,000. This firm is earning  A-normal accounting profit B-positive accounting profit of $5,000 C-positive economic profit of $5,000 D-normal economic profit E-negative accounting profit of $5,000

Question 3 A profit maximizing firm in a competitive market is currently producing 150 units of output at a price of $20. Average total cost is $8 and fixed cost is $200. What is this firm’s profit?     $1,800     $2,000     $800     $1,600

26.A firm operates in a perfectly competitive market and is producing at the profit-maximizing output. It is incurring economic losses. Based on this information, which of the following is true?  A-Average total cost = price; marginal cost > marginal revenue.  B-Average total cost = price; marginal cost = marginal revenue C-Average total cost > price; marginal cost = marginal revenue D-Average total cost > price; marginal cost > marginal revenue E-Average total cost < price; marginal cost > marginal revenue   27.In the short run, a price-taking firm decides to produce zero units of output. Which of the following must have been the case?  A-The market price was less than the firm's average variable cost. B-The firm was earning normal profits in the short run but projected economic losses in the long run. C-The firm's average total cost was higher than its average revenue. D-The market price was between the firm's average variable cost and average total cost. E-The…

3 examples of perfectly competitive markets and does these firms profit in long run or short run

Figure 7.1 shows a firm’s total revenue and total cost curves. If the firm were producing Q1, it should   a. expand output to Q2 to maximize profit.   b. reduce output to zero to maximize profit.   c. expand output to Q3 to maximize profit.   d. expand output beyond Q3 to maximize profit.   e. continue to produce Q1, which is the profit-maximizing output.

5 10. In a perfectly competitive market if the quantity produced by a firm is less than the optimal amount then marginal cost is greater than marginal revenue. marginal cost and marginal revenue are undefined. marginal cost equals marginal revenue. marginal cost is less than marginal revenue.

fast please 27.    Refer to the diagram to the right which shows the cost and demand curves for a profit−maximizing firm in a perfectly competitive market.   If the market price is​ $30 and the firm is producing​ output, what is the amount of the​ firm's profit or​ loss? Part 2   A. loss of​ $1,080   B. profit of​ $1,300   C. loss of​ $2,520   D. profit of​ $1,440

7. Problems and Applications Q7 A profit-maximizing firm in a competitive market is currently producing 90 units of output. It has average revenue of $6, average total cost of $6, and fixed cost of $270. Complete the following table by indicating the firm's profit, marginal cost, and average variable cost. Profit Marginal Cost Average Variable Cost (Dollars) (Dollars) (Dollars)         The efficient scale of the firm must be  ________ 90 units.

1.- A company that works in a perfectly competitive market has a total cost function: TC = Q3 - 36Q2 + 540Q + 600 The supply and demand functions in that market are: QS = 5P -500 Qd = 4,000 -10P a) How much should you produce to maximize your profits? b) Find what benefit you will get c) Calculate the closing point for the company d) Represent graphically the market equilibrium and that of the company, including the closing point e) Locate the rectangle that represents profits on the company's equilibrium graph. Calculate your área considering the values ​​taken by the base and the height. Validate that it reaches the same result (or very close) to the one obtained in part b).