In a short-run competitive equilibrium, which of the following is always true?Profit equals zero.Profit can be negative, zero, or positive.Profit can be zero or positive, but not negative. Suppose that 6000 identical sellers each set their profit-maximizing output level at 20 units when price equals 55tk. Then what is the market quantity supplied at a price of 55tk?200.1,100.1,20,000.3,30,000.

A short-run competitive equilibrium occurs when the pricing is such that the entire quantity the…

Answered: In a short-run competitive equilibrium,…

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.1: The Theory Of Perfect Competition

Problem 3ST

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In a short-run competitive equilibrium, which of the following is always true?

Profit equals zero.
Profit can be negative, zero, or positive.
Profit can be zero or positive, but not negative.

Suppose that 6000 identical sellers each set their profit-maximizing output level at 20 units when price equals 55tk. Then what is the market quantity supplied at a price of 55tk?

200.
1,100.
1,20,000.
3,30,000.

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