Q: If the market price of a good is $10 in a perfectly competitive market, the marginal revenue from…
A: A perfectly competitive market is one of the market structures in the economy that consists of many…
Q: Complete table. B. Applying the rule of profit maximization, if the product market price of $35,…
A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…
Q: Suppose that a firm in a competitive market faces the following revenues and costs. The firm should…
A: Quantity Total Revenue($) Total Cost ($) Profit = TR - TC ($) 0 0 2 -2 1 6 5 -1 2 12 9 3 3…
Q: Assume that the marginal cost curve is given by MC(qi) = 6 + 4qi. And the average variable cost is…
A: MC = 6 + 4qi AVC = 6 +8qi+ 2qi.
Q: A study of ethanol as a transportation fuel reveals that the competitive equilibrium is expected to…
A: The competitive equilibrium lies at the output level where the quantity demanded, and quantity…
Q: Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly…
A: a) The graph below shows the demand curve, average cost curve, and marginal cost curve. ATC is the…
Q: Assume firms decide to enter the market, how will this affect market price and quantity in the long…
A: In a market with perfect competition, every manufacturer offers the same products or services. There…
Q: The following graph shows the demand curve for a good and the long run average cost curve for a…
A: The long-run normal expense curve shows the most minimal all-out cost to create a given degree of…
Q: QUESTION 2 The long-run total cost function for producers of mineral water is LRTC (Q) = rQ, where Q…
A: Answer - Part a Answer - Need to find- Long run equilibrium price and quantity Given in the…
Q: What are the options available to a firm when the market demand exceeds capacity?
A: Here's a set of features that assist companies in proactively addressing excess demand and…
Q: Find supporting evidence that competition makes markets more efficient in this case.
A: Competition arises when the number of sellers in the market increase, as more firms join an industry…
Q: All buyers in a perfectly competitive market set prices to compete in their market? is it true or…
A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.
Q: Which of the six cases are monopolies or might give rise to monopoly?
A: Monopoly refers to the market structure where a single seller or firm fully controls the market…
Q: Select the correct answer from the alternatives given and rewrite B. the answer: 1. A firm's…
A: Note: As per our guidelines, we are supposed to answer only 3 sub-parts. If you want answers for…
Q: A juice producing company operates in a perfectly competitive market and is therefore a price taker.…
A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
Q: Suppose a competitive firm has the following cost: output(units): 10 11 12 13 14 15…
A: The table showing output and cost is as follows:
Q: The local restaurant owner prepares and sells pizza everyday. The equilibrium price of this pizza is…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: In a market there is a single firm whose total cost curve is CT = 40q. The market demand is Q = 1000…
A: Given, Q=1000-P or P=1000-Q, TC=40Q At equilibrium, monopoly produces at the profit-maximizing point…
Q: evidence of serious competition between firms in an industry? Can you identify two highly…
A: Firms are for-profit business, it has different ownership structures. It has different factors of…
Q: Identify whether the market supply curve will shift right or left or will stay the same for the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Chris runs a shop that sells paper. Chris's consumers consider his products to be the same as his…
A: Answer: option c (three tons a day) Explanation: Since Chris's and his competitor's products are the…
Q: The market equilibrium in a perfect competition market is determined by millions of sellers and…
A: Perfect competition can be defined as the form of market where the large number of sellers sell the…
Q: Allocative efficiency is an economic concept regarding efficiency at the social or societal level.…
A: Here answer is “Has no motivation to operate at an output level where P=MC, once a barrier is in…
Q: Your company produces a unique style of sandals. The table shows price/quantity combinations from…
A: Given information Marginal and average cost =10 per pair Marginal and average cost for distribution…
Q: A competitive firm sells 100 units of output for $5 per unit. The firm’s marginal revenue amounts to…
A: MR=∆TR/∆Q
Q: The Market for Good X is perfectly competitive, with market supply and own-price demand curves given…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Assume that apples are produced in a perfectly competitive market. Grande’s Orchard is a typical…
A: A perfectly competitive market has a large number of buyers and sellers. The equilbrium price and…
Q: In which form of the market structure is the degree of control over the price of its product by a…
A: To find : Degree of control over the price of the product by firm.
Q: In a competitive market, the industry demand and supply curves are P = 70-QD and P = 40+2QS. %3D w.…
A: We can find the equilibrium price and output, by putting industry demand equal to industry supply.
Q: Other things equal, which reduces competition in an industry? Multiple Choice An increase in the…
A: An invention concerning a product or a process that's new, involving inventive step and capable of…
Q: The four statements below each describe a different market, highlighting one feature of that market.…
A: Imperfect market A monopoly is a market structure where there is only a single seller in the market…
Q: what is the effect on the market price and output of hambyrgers with reference to the following? A.…
A: The demand curve is downward sloping, and it shows the negative relationship between price of the…
Q: b. A Single firm, protected by a barrier to entry, produces a personal service that has no close…
A: since you have asked multiple questions and according to policy we can solve only 1 question and for…
Q: Assume perfect competition takes place in the market for hotel rooms. The current market equilibrium…
A: Perfect competition refers to the situation where there are large number of prouder and consumers…
Q: Assume perfect competition takes place in the market for hotel rooms. The current market equilibrium…
A: If tax is imposed,price will increase above 300. Therefore cost would increase above benefit. With…
Q: In the long run, in a competitive economy, companies use resources until the extra or marginal…
A: (Q) In the long run, in a competitive economy, companies use resources until the extra or marginal…
Q: What type of industry has the characteristics where there are many producers, they are able to…
A: The industry is said to be Monopolistic Competition. Monopolistic competition is the market…
Q: Window cleaning is a perfectly competitive market in Boston. The daily market demand for window…
A: A perfectly competitive firm is a price taker and can sell any quantity of the commodity at the…
Q: Scenario Competitive? Scholastik Inc. owns the U.S. copyright to a popular book series. It is the…
A: Competitive market structure is also called perfect competition. In long run, firms in perfect…
Q: In the short run, the equilibrium price received by the vegetable farmers (operating in a perfectly…
A: The markets are the place where the buyers and the sellers of various goods and services tend to…
Q: A product wheat is produced under perfect competitive market structure. The market demand and supply…
A: Equilibrium is established at such a price where quantity demanded equals quantity supplied.
Q: Suppose a competitive firm has the following cost: output(units): 10 11 12 13 14 15…
A: The table showing output and cost is as follows:
Q: What form of competition best characterizes this market? What characteristics did you identify that…
A: Monopolistic competition: The salient feature of monopolistic competitive market is product…
Q: In perfect competition market the goods which are sold are ___________ in nature
A: # In perfect competition market structure, sellers are large in numbers and they are selling similar…
Q: In perfect competition_______. Select one: a. demand for the good or service is small relative to…
A: Meaning of Market: The term market refers to the situation under which the producers or the…
Only one firm able to produce profitably in a market given demand and costs describes a ____?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- True or False: "In a perfectly competitive market, firms have no market power and must accept the market price."All buyers in a perfectly competitive market set prices to compete in their market? is it true or falseChoose the one alternative that best that answers the question. Assume the market for organic produce is perfectly competitive. All else being equal, as more farmers choose to produce and sell organic produce, in the long-run, Select one: a. The equilibrium price is likely to increase, and profits are likely to remain unchanged. b. The equilibrium price is likely to remain unchanged, and profits are likely to increase. c. The equilibrium price is likely to decrease, and profits are likely to decrease. d. The equilibrium price is likely to increase, and profits are likely to increase. e. Both the equilibrium price and quantity are likely to remain unchanged.
- Which of the following is a FALSE statement regarding a Perfect Competition market? There are many buyers and sellers The market does not need to be a physical space Governments intervene with price controls when necessary Consumers act rationally and predictably regarding their decisions on pricesA firm in a competitive market has the following market price P = 5000, and the following marginal cost curve MC(Q) = 13Q3 and a fixed cost of FC = 100. What is the profit maximizing quantity of production for this firm?Which of the following is not true for a competitive market? Group of answer choices Firms can earn positive economic profits in the long run Firms sell nearly identical products There are many buyers and sellers Firms expect zero economic long-run profits
- In view of the profits being made, more firms will want to get into Frisbee production. In the long run, these new firms will shift the market supply curve to the right and push the price down to average total cost, thereby eliminating profits. At what equilibrium price are all profits eliminated? How many firms will be producing Frisbees at this price?Define a perfectly competitive market. A. Market that makes it possible for firms or businesses to reduce the quality of their products or services in order to cut their own costs B. Market model where many firms and businesses compete against each other to create an innovative product at the best cost, which ultimately benefits society C. Market where a firm or business has no competition in manufacturing a good or providing a service D. Market with few sellers and many buyersA competitive market has demand of Q = 50 - 0.5P and total cost of production is C=70q for each firm. What is the effect of an innovation by one firm that gives a marginal cost of $28? a. This is a drastic innovation that causes the market quantity to be 18. b. This is a drastic innovation that causes the market quantity to be 36. c. This is a drastic innovation that causes the market quantity d. This is a non-drastic innovation that causes the market quantity to be 18.
- Q) In some countries, brand name fast-food restaurants are not allowed to operate. Such restrictions are likely to A. enhance the social welfare of society. B. increase the number of fast-food restaurants. C. reduce barriers to entry in imperfect markets. D. reduce the competitive nature of local fast-food markets.A product wheat is produced under perfect competitive market structure. The market demand and supply are given by equations below QD = 170, 000, 000 – 10, 000, 000 P QS = 70, 000, 000 + 15, 000, 000 P Find the equilibrium price and quantity. Suppose one firm leaves the market with the supply equation QS = 1000 + 1000P. Then find new equilibrium price and quantity and interpret your results?If the producers of rice wants to maximize profit up to what level of output will it produce and at what price? What condition should be met in order for the firms to efficiently produce this level of output?