multiple choice firms in perfect competitions will leave the industry if they: 1- suffer short-run losses 2- suffer losses, even if they are covering variable costs in the short run 3- suffer long-run losses 4-earn a normal profit 5- earn a zero economic profit
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multiple choice
firms in
1- suffer short-run losses
2- suffer losses, even if they are covering variable costs in the short run
3- suffer long-run losses
4-earn a normal profit
5- earn a zero economic profit
Step by step
Solved in 2 steps
- A capability that is easy to imitate may provide a sustained competitive advantage if: Group of answer choices 1.It can easily be put to use in a variety of settings 2. It can easily be increased in scale 3. It is more valuable in conjunction with rare complementary assets held by the firm 4. It is more valuable in conjunction with rare complementary assets held by another firm..True/ False Perfect competition produce a homogeneous product which have a good knowledge among the buyers and sellers.If a perfect competitor was earning an economic profit in the short run, would this situation continue through the long run? Why or why not? (Answer with diagram) Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.
- The petrol industry in Dubai has become increasingly concentrated in recent decades. The number of firms in the industry has dropped by 40 per cent since a 1999 peak, while the remaining firms “swelled in size.” In order to enter the industry, the owners of the companies must have significant capital at their disposal and they consider the impact of their decisions on competitors and the reactions of their competitors on themselves. Older firms tend to rest on their laurels, having little incentive to innovate. They spend less on research and development, and instead acquire growth through mergers or acquisitions and expand margins by raising prices on consumers. As at 2020, Cyril Tech has become the largest player in the market providing 80 per cent of the petrol output. The remaining players control 20 per cent of the output. a) State what market structure existed in the petrol industry subsequent to 1999. Can excess profit be earned in this industry in the long run. Explain.b) State…The petrol industry in Dubai has become increasingly concentrated in recent decades. The number of firms in the industry has dropped by 40 per cent since 1999 peak, while the remaining firms "swelled in size." In order to enter the industry , the owners of the companies must have significant capital at their disposal and they consider the impact of their decisions on competitors and the reaction of their competitors on themselves. Older firms tend to rest on their laurels, having little incentivw to innovate. They spend less on research and development, and instead acquire growth through mergers or acquisitions and expand margins by raising prices on consumers. As at 2020, Cyril Tech has become the largest player in the market providing 80 per cent of the petrol output. The remaining players control 20 per cent of the output. A. State what market structure existed in the petrol industry SUBSEQUENT to 1999. Can excess profit be earned in this industry in the long run. Explain B. State…To maximize profits in the short run, a perfectly competitive firm should charge a price Question 6 options: a) average total cost is always minimized b) marginal cost exceeds marginal revenue c) that the market (industry) determines d) the lowest price it could sell to undermine all competitors
- Describe two competitive companies with similar gross profit figures that ended up with dramatically different net operating income. Provide details of the two companies and include both qualitative and quantitative results to support your response.What can we say about the Marginal Revenue = marginal Cost relationship: Multiple Choice A. This is the point where the firm maximizes its profits. B. This is the breakeven point for a firm. C. The firm should shut down if it reaches this point. D. The firm is inefficient at this point. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.This profit-maximizing/ loss minimizing firm is ? Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Confused on how to solve the graph and the blanks First blank: suffer economic losses or earn economic profits Second blank: Shift leftward or remain unchanged or shift rightward Third blank: A high-cost industry An increasing-cost industry A low-cost industry Or a decreasing-cost industryIf market price is greater than the minimum of AVC but below the minimum of AC, then _____. Group of answer choices 1. economic profit is zero 2. revenue covers variable costs and some of the fixed costs, although profit is negative 3. revenue covers variable costs and some of the fixed costs and profit is positive 4. the firm will shut downMarginal revenue and marginal cost are same. This means that the firm is at minimum level of profit. True/False