the market price in a competitive industry were above its equilibrium level, what would you expect to happen?

Q: (Table: Costs for Alina's Apple Pies) Use the table Costs for Alina's Apple Pies. If Alina's Apple…

A: For a perfectly competitive firm, profit-maximizing quantity is such quantity where the price is…

Q: You read in a business magazine that farmers are reaping high profits. With the theory of perfect…

A: A perfect competition exist when there are large number of buyers and sellers in the market and the…

Q: What does the demand curve for a perfectly competitive individual seller look like? Explain the…

A: Perfect competition is one of the types of market structures.

Q: Identify the defining characteristics of a competitive market.

A: Perfect or pure competition is a form of market in which a large number of perfectly informed buyers…

Q: Use Table: Cherry Farm. If Hank and Helen have one of the 100 farms in the perfectly competitive…

A: Perfect competition is an ideal type of market structure where all producers and consumers have full…

Q: When might a competitive firm shutdown in the short run and exit the market in the long run?

A: When a perfectly competitive firm finds itself in shutdown, that is, its market price is equal to…

Q: As we begin to study different market structures, consider a market that is fiercely competitive.…

A: The market structure can be divided into four based on the degree of competition and the type of…

Q: competitive market

A: A. If the price = AC = MC, then the market is competitive and incurring economic loss.

Q: f a competitive industry is incurring normal profits, output will

A: Competitive Industry is the industry sector where the firms are free to enter and exit from the…

Q: How does a competitive firm determine its profit-maximizing level of output? Explain When does a…

A: Competitive firm: In a perfectly competitive market, firms do not have control in changing the…

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: If new technology in a perfectly competitive market brings about a substantial reduction in costs of…

A: The term "perfect competition" refers to a fictional market structure in which all suppliers are…

Q: What happens when a perfectly competitive market is in equilibrium?

A: A perfectly competitive market is a market structure in which there are many buyers and sellers. The…

Q: a) Distinguish between a perfect competition market and a monopoly market in an economy?

A: In economics, there exists mainly four kinds of market structure and these market structures are…

Q: When will a firm neither enter or exit a competitive market?

A: In competitive market firms are free to enter and exit.

Q: In a perfectly competitive market, how do we go from a short run equilibrium to a long run…

A: A perfect competitive market is one there many firms offer homogenous product to a large group of…

Q: Is it true that a firm in a perfectly competitive market will never be able to earn positive…

A: There are different types of market which are broadly grouped as: Perfect competition and Imperfect…

Q: Explain why economic profits in all perfectly competitive markets will tend toward zero in the long…

A: A perfectly competitive market is a market consist of large number of buyers and sellers, selling…

Q: In the short run in perfect competition if P>ATC which of the following will occur? firms will enter…

A: A firm in a perfectly competitive market wants to maximize profits just like any other firm. The…

Q: Assume that Sherry's Earrings is producing in a perfectly competitive market and the market price…

A:

Q: Suppose that a firm is in a perfectly competitive market where the market price is $55.00. How many…

A: Perfectly competitive market: Market price = $55 Firm decide to sell at price = $64

Q: Suppose the book-printing industry is a competitive market, and it begins with a long run…

A: In following graph, left panel depicts the market equilibrium where demand and supply curves (D0 and…

Q: The equilibrium of a competitive industry is:   A neither efficient nor equitable   B equitable…

A: A competitive industry is one with many sellers and many buyers. In this market, a large group of…

Q: Which statement best describes the equilibrium in a perfectly competitive market A. Firms' average…

A: In a perfectly competitive market, a large number of buyers and sellers are there. Each buyer and…

Q: In a perfectly competitive market, what is the marginal revenue curve

A: Meaning of Perfectly Competitive Market: The perfectly competitive market exists when there is a…

Q: When is it the right time when a firm will enter a competitive market?

A: A competitive market is considered as one where firms have no opportunity to deviate from market…

Q: What is the long-run equilibrium price in this market? Please enter your answers as whole numbers…

A: From the above graph, one can observe that this is the competitive market, where demand(d) is equal…

Q: you've been learning about what makes a market perfectly competitive, how a firm in a perfectly…

A: Perfectly competitive market: In this type of market there are a huge number of buyers and sellers…

Q: tramp shipping and liner shipping competitive markets? Evaluate separately according to the four…

A: Ans)   Large Loads - As time advances, so do the dimensions, science, and style of boats. Today,…

Q: True or false: In a constant-cost industry, a tax of a constant, fixed amount on each unit of output…

A: Constant cost industry represents an industry where there is no change in the average cost of…

Q: In a perfectly competitive market, please compare the short run and long run prices in an increasing…

A: Perfect competition refers to the market structure where there are a large of number of buyers and…

Q: What are the long-run market equilibrium price and quantity of hibiscus plants? How many firms…

A:

Q: Can you think of a product that meets at least most of the criteria required for a perfectly…

A: Perfectly competitive market refers to the market which has been characterized by the presence of…

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: Which of the following would not help a firm to improve its competitive position?

A: Market Positioning:- Competitive positioning is a term used to describe how well a marketing people…

Q: Suppose the book-printing industry is a competitive market, and it begins with a long run…

A: There are two possibilities, since you did not mention if the firm is incurring profit or loss in…

Q: You witnessed new firms entering a competitive market. What can you infer for the existing firms in…

A: In a market, new firms generally enter if they can see an incentive to generate profit and it is the…

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: Suppose the demand for pickles on The Citadel is Qd=500-4P, and the supply is Qs=6P. Assume this…

A: in a competitive market there are large number of firms producing identical products thus acting as…

Q: Assume the firms in a perfectly competitive market are initially incurring economic losses. An…

A: The perfectly competitive firm is a price taker and can sell any quantity of commodity at the market…

Q: a. Assuming the cookie industry is perfectly competitive demonstrate using market supply and demand…

A: *Answer :-

Q: What are the characteristics needed for a perfectly competitive market?

A: In a perfect competitive market, there is a number of buyers and sellers, selling similar products.…