Suppose a firm in a perfectly competitive industry develops a manufacturing innovation that lower its variable cost of production. Use words and graphs to explain the short run impacts of this innovation on both the firm and the industry.  Use words and graphs to explain the long run impacts on both the firm and industry

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A:

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Q: The long-run supply curve indifferent cost industries The following graph shows the market for milk.…

A: Answer -

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Q: In the short run, a perfectly competitive firm   Question 15 options:   chooses its optimal plant…

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A: The perfectly competitive market produces homogeneous products. There are numerous firms in the…

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A: B.) Marginal Cost Curve

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A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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Q: Suppose you are the production manager of a small perfectly competitive firm making a single…

A: Fixed costs are such costs that do not change with respect to changes in the quantity of output.…

Q: In the short run, a perfectly competitive firm A : might not make an economic profit. b. will always…

A: The following problem has been answered as follows:

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Q: Which of the following is always true when a perfectly competitive firm is producing at a profit…

A: In perfect competition, price is always constant. Marginal cost equals the increase in total cost…

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Q: Which of the following is not a characteristic of a perfectly competitive market?   a.  There is a…

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