If the market price of a good is $10 in a perfectly competitive market, the marginal revenue from selling the fifth unit is? a.$2 b.$30 c.$10 d.$25
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If the market
a.$2
b.$30
c.$10
d.$25
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- Refer to the figure above. In the perfectly competitive market, the small business owner will have $____ of profits. A)0 B)32 C)80 D)80.5A firm in a perfectly competitive market is producing new widgets for £3 and the market price is £4. Is the firm maximising profits? Is the firm making profits or loss?In perfectly competitive markets, _____________________ and marginal revenue are identical.
- Assume the price of a product in a perfectly competitive firm is $20 and currently it is making minimum loses. What is the marginal cost (MC) and marginal revenue (MR) at this production level?Evaluate the statement. T/F There are no selling cost incurred in a perfectly competitive market.A firm sells its product in a perfectly competitive market where other firms charge a price of $90 per unit. The firm’s total costs are C(Q) = 50 + 10Q + 2Q2. [NOTE à MC(Q) = 10+4Q] a) How much output should the firm produce in the short run? b) What price should the firm charge in the short run? c) What are the firm’s short run profits?
- Consider a perfectly competitive market where the market demand curve is given by Q = 92-8P and the market supply curve is given by Q = -4 + 4P .Find,The quantity sold in the market.Suppose you are a seller in a perfectly competitive market, and you are not happy with the existing selling price of your product, would you raise the price even by a few centavos? explain your answerM/c question - Micro 29) What is a characteristic of a perfectly competitive market? A. Goods offered for sale are largely the same B. There are not many sellers in the market C. Firms have difficulty entering the market D. Firms are price setters 28) Refer to Table 14-2. At which quantity of output is marginal revenue equal to marginal cost? A. 8 B. 4 C. 6 D. 2
- An increase in the market supply of a product sold in a perfectly competitive market will have what impact on the price charged by an individual firm in that market? a. the price charged by an individual firm will deacrease b. the price charged by an individual firm will increase c. it will have no impact on the price charged by an individual firmWhich of the following is a characteristic of a perfectly competitive market? A) Many buyers and one seller B) Few buyers and few sellers C) Many buyers and many sellers D) One buyer and many sellersIn a perfectly competitive market all producers sell
