Given the zero-profit condition, how do the competitive firms make decision to increase their revenue to maximize profit?

Q: Now, suppose in addition that the market demand is Q = 18,000 - 100p. (d) In the long run…

A: Perfect competition(PC) is that market structure where there are infinite number of buyers and…

Q: I. Write the letter corresponding to your answer on the space provided for. 1. What is the…

A: 1 - B perfect competition has free entry and exit of firms 2 - C Vegetables are homogenous as it is…

Q: competitive market price is $60, and a competitive firm’s total costs = q^2 - 6q + 990 and marginal…

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

A: The perfectly competitive is the type of firm where there are large number of buyers and sellers.…

Q: Suppose a science museum charges $15 for admission, and each day 200 adults visit the museum.…

A: The firm will spend no money on advertising. This is because advertising increases the cost by $1000…

Q: A purely competitive wheat farmer can sell any wheat he grows for $30 per bushel. His five hectares…

A: Perfect Competition: A market structure in which many sellers sell identical products at the same…

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

A: Meaning of Total Cost and Total Revenue: The term total cost refers to the situation under which a…

Q: A perfectly competitive firm is currently producing an output level where price is $10.00, average…

A: A Perfectly competitive firm is a price taker and produces at MC=P.

Q: Show in a graph a situation when a competitive firm will minimise loss in the short run. Why will…

A: A situation when a competitive firm is making loss in the short run Here, MC= marginal cost MR =…

Q: 12. a) Given a typical firm in a perfectly competitive market show the firm's optimal choice…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

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

A: A perfectly competitive firm is a price taker and maximizes profit by producing at P =MC

Q: As we begin to study different market structures, consider a market that is fiercely competitive.…

A: The market structure can be divided into four based on the degree of competition and the type of…

Q: f a competitive industry is incurring normal profits, output will

A: Competitive Industry is the industry sector where the firms are free to enter and exit from the…

Q: I have a question regarding a problem; the oilindustry is perfectly competitive 1: for each…

A: The supply curve is an upward-sloping curve. Supply curve shows that, as price increases, the firm…

Q: a) Distinguish between a perfect competition market and a monopoly market in an economy?

A: In economics, there exists mainly four kinds of market structure and these market structures are…

Q: WHY SOME FIRMS MIGHT BE ABLE TO CONTINUE TO MAKE AN ACONOMIC PROFIT IN THE LONG RUN?

A: A monopoly occurs when a single person or corporation serves as the exclusive supply of a certain…

Q: Determine whether each of the statement is true, false, or uncertain. If the statement is false or…

A: Note: You have uploaded two questions at a time. Hence, we shall answer only the first one for you.…

Q: Suppose that the market for chicken momos is perfectly competitive with ten firms producing momos.…

A: A perfectly competitive market consists of a large number of buyers and sellers and each seller…

Q: Suppose, at a given point in time, Lynn's Licorice Loft sells licorice in a perfectly competitive…

A: Given; Average total cost of producing licorice= $1.20 Average variable cost= $1.00 Marginal cost=…

Q: Given a perfectly competitive firm, which of the following statements are true? Select one or more:…

A: A market system with perfect competition is one in which competition is at its most intense. To…

Q: Alpha is a price taking firm. At Its currant output level of 100 widgets. Alpha's total revenue is…

A: A price taking firm is one that operates its business in the competitive markets, such that a…

Q: Brown grows peaches in Georgia. Suppose the market for peaches is perfecty competitive and that the…

A: A perfectly competitive firm maximizes profit or minimize losses by producing output at a level…

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

A: Long-run equilibrium happens when aggregate demand rises to short-run aggregate supply at a point on…

Q: In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that…

A: In the long run, new firms are entering in to the business if there is an economic profit. If the…

Q: 22. At a price of P1, at what output level would a perfectly competitive firm produce? a. Q1 b. Q2…

A: Under perfect competition, individual firms have no control over price. Therefore, the firm’s…

Q: Suppose that Falero is one of more than a hundred competitive firms in San Diego that produce such…

A: The daily market of extra large cardboard boxes in San Diego is a Perfectly competitive firm. We…

Q: 'Because a monopoly is the only source of supply, the firm is not constrained by the market demand…

A: The monopoly market is characterised by the single seller and many buyers while there are many firms…

Q: economist view a perfectly competitive market structure as the ideal structure for economic…

A: According to economic theory, perfect competition exists when all businesses sell the same goods,…

Q: How does perfect competition lead to allocative and productive efficiency? Perfect competition leads…

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

Q: Suppose the market for apples is perfectly competitive. The short-run average total cost and…

A: (1) A perfectly competitive firm produces at P=MC in short run. The market price for apples is $26…

Q: The optimal level of production for any company is the level of production that either maximizes…

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

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Q: Assume that this market is in a long-run equilibrium.  Show the long-run supply and the short-run…

A: The following table shows the MC and AC of the representative firm.    In perfect (PC) competition…

Q: Which of the below will NOT occur if exitings firms are earning positive economic profits in a…

A: The perfectly market would result in the many buyers and many buyers sellers in the market. The…

Q: Farmer Brown grows peaches in Georgia. Suppose the market for peaches is perfectly competitive and…

A: We will use concepts such as Profit maximisation under perfect competition market structure.

Q: Which of the following would not help a firm to improve its competitive position?

A: Market Positioning:- Competitive positioning is a term used to describe how well a marketing people…

Q: The purely competitive firm in the above exhibit should a. shut down b. produce 5 units of output c.…

A: In perfectly competitive market, equilibrium is achieved at the intersection of demand and supply.…

Q: Quantity  Fixed Cost  Variable Cost Total Cost Marginal Cost 10 200 50 250 0 20 200 100 300 5 30 200…

A: In perfectly competitive market, price is constant and it is equal to marginal revenue. Marginal…

Q: Use the information for a competitive firm in the table below to answer questions 1 through 3.…

A: Given : Output is maximum at 6 units where profit is maximum. Maximum profit is $5

Q: 67. In a perfectly competitive market, industry demand is given by Q = 1000 – 20P. The typical…

A: In a perfectly competitive market, P=MC so keeping P in place of MC: MC=(2/3)Q P=(2/3)Q So, quantity…

Q: You witnessed new firms entering a competitive market. What can you infer for the existing firms in…

A: In a market, new firms generally enter if they can see an incentive to generate profit and it is the…

Q: Suppose that each firm in a competitive industry has the following costs: Total cost: TC = 50 +÷q?…

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

Q: Assume the firms in a perfectly competitive market are initially incurring economic losses. An…

A: The perfectly competitive firm is a price taker and can sell any quantity of commodity at the market…

Q: Let's suppose that a perfectly competitive firm has the following revenue and cost data. How many…

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Q: Which of the following is not a way firms try to maximize profits by? O production costs demand…

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

Q: Discuss why a firm in perfect competition may choose to be open on Mondays, typically the slowest…

A: Perfectively competitive firm:-