In a competitive market, are market supply curves typically more elastic in the short run or in the long run? Explain within 40 words.

Q: Sketch a supply curve that represents the supply of salt in the short run. Explain your diagram? Add…

A: According to law of supply, the quantity supplied and the price is positively related keeping other…

Q: If the long run supply curve for a perfectly competitive market is perfectly elastic what can we…

A: A perfectly competitive market structure is the market structure in which there are large number of…

Q: Pat sells widgets in a perfectly competitive market. Prices for widgets are lower in July than they…

A: Perfectly competitive market: - it is a market condition where there are many buyers and many…

Q: A small farmer is more likely to operate in a perfectly competitive market than a company like AB…

A: A small farmer is more likely to operate in a perfectly competitive market than a company like…

Q: Consider a perfectly newspaper market with identical firms, each with the usual shaped cost curves.…

A: There are no monopolies in a free market paradigm. According to the theory of perfect competition,…

Q: Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market…

A: Percentage change is used in finance for various purposes, including indicating the percentage…

Q: firms are making a positive economic profit, what happens in the market in the long run? Place the…

A: We need to put the given statements in the correct order. Positive economic profits means revenues…

Q: Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market…

A:

Q: Because of increasing marginal cost, most supply curvesA) are horizontal. B) have a negative slope.…

A: The correct answer is option D   The increasing marginal cost of the product shows a positive…

Q: 10 S, Demand 7 Supply D, 1 D. 10 20 30 40 50 60 70 80 06 100 QUANTITY (Millions of pounds) The new…

A: The equilibrium is obtained where Demand and Supply curve intersect each other.

Q: In a perfectly competitive market, all producers sell    goods or services. Additionally, there are…

A: A seller is an individual who sells the goods and services in return for some consideration or…

Q: Supply will be inelastic if the producer is producing in the long run O True False

A: The elasticity of supply and demand also depends on the time period into consideration.

Q: Suppose the Christmas trees market is perfectly competitive. A business owner is currently suffering…

A: Marginal cost means the cost of producing and selling additional units. In a perfectly competitive…

Q: industry has 1000 competitive firms, each producing 50 tons of output. At the current market price…

A: Given: Number of firms = 1,000 Production by each firm = 50 tons The market price is = $10 The slope…

Q: Draw a short-run supply curve for a competitive market withidentical firms

A: ANS The supply curve shows how much quantity of output a firm supplies for a given price level. It…

Q: Evaluate the following statements. If a statement is true, explain why. If it is false, identify the…

A: It has been said to assume that the market is perfectly competitive.

Q: Which of following is a key assumption of a perfectly competitive market? Commodities have few…

A: Perfectly competition market is a market where are there are many buyers and sellers and prices of…

Q: The market for paperback detective novels is perfectly competitive. Market Demand is given by…

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

Q: Assume a perfectly competitive market for restaurant servers. Assume that in 2026, there is a…

A: Basics:- When we talk about the short run and long run, so we need to keep in mind that in short run…

Q: The market for paperback detective novels is perfectly competitive. Market Demand is given by…

A: The equilibrium is established when the Market Demand is equal to Market Supply. It would be the…

Q: Consider the perfectly competitive market for Avocados. Illustrate an initial equilibrium price and…

A: Change in consumer preferences because of news and media results in a change in demand for a…

Q: Assume a perfectly competitive market where assumption BIG holds. The demand curve is MWTP=32 –…

A: Perfectly competitive market: - it is a market condition where there are many buyers and many…

Q: Which line segment best reflects the supply curve for this firm? F MC ATC B Quantity CF (c) DF (d)…

A: In perfect competition, there are a large number of buyers and sellers who produce homogeneous…

Q: Please refer to the background information below to answer the following four questions. A perfectly…

A: Perfectly competitive markets are referred to the markets where all the firm sells an identical…

Q: The graph above shows the perfectly competitive market for apples. The quantity is measured in…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: perfectly competitive market

A: There are 2 market forms: Perfect and Imperfect market form. These includes markets like: Perfect…

Q: The market for paperback detective novels is perfectly competitive. Market Demand is given by…

A: The equilibrium is established where the demand and supply are equal.

Q: Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market…

A: Both the demand and supply bend show the connection between price and the number of units demanded…

Q: Suppose postal service of pakistan is facing increased competition from firms providing overnight…

A: Demand refers to the willingness and the ability to pay for particular good or service.

Q: Suppose a firm's supply curve in a competitive market is S = 25 + 5p, where S is the supplied…

A: Here, supply function is given as: S=25+5p, where 5 is the slope of the supply curve The price…

Q: In a perfectly competitive market, the market demand and supply curves are given by Q, = 1000 - 10P,…

A: A perfectly competitive firm is a price taker as there are large number of firms selling identical…

Q: Draw a long-run supply curve for a competitive market with identicalfirms, and describe its…

A: The long‐run market supply curve is found by examining the responsiveness of short‐run market supply…

Q: The price faced by the firm in a perfectly competitive market is $70 per unit. The average total…

A: Formulas of cost are: 1. Total Cost = Total Fixed Cost + Total Variable Cost 2. Average Total Cost =…

Q: The ability of firms to enter and exit a market over time means that,in the long run.a.the demand…

A: Microeconomics distinguishes the time period into two types namely long run and short run, based on…

Q: Are market supply curves typically more elastic in the short run or in the long run? Explain.

A: Market supply curves tend to be more elastic in the long run. In the short run supply does not…

Q: In a perfectly competitive market, market demand is Q(P)=160 – (5/2)*P while market supply is Q-(P)=…

A: Qd(P)=160-(5/2)*PQs(P)=-20+(1/2)*P

Q: Explain the effects firms entering or exiting have on the price and supply of a market. (assume the…

A: A perfectly competitive market is a type of market structure in which a large number of small firms…

Q: The Surgeon General's report will cause consumers to demand tuna at every price. In the short run,…

A: A perfectly competitive industry of good T is in long-run equilibrium at a quantity equal to 600…

Q: Assume a perfectly competitive market where assumption BIG holds. The demand curve is MWTP=35 –…

A: Producer surplus refer to the difference between the minimum acceptance price of the producer and…