The Surgeon General's report will cause consumers to demand tuna at every price. In the short run, firms will respond by

Q: Consider supply in the long run. Assume that a specific tax is imposed on a good that was…

A: Introduction: When all inputs are variable, the long provide is the provision of commodities out…

Q: PRICE (Dollars per quart) Short-run Subply Demand Short-run Supply Short-run Equilbrium Demand…

A: The curve that depicts various quantities of goods and services being demanded at various price…

Q: Does a change in producer`s technology lead to a movement along the supply curve or a shift in the…

A: Supply refers to the quantity of resources, assets, goods, and/or services that producers, financial…

Q: If the price of the good is 0.70$ And the firm is producing 100 units what would the profit be -10 5…

A: Marginal cost alludes to the extra expense to produce each extra unit. Average total cost is the…

Q: Improved robot technology was recently incorporated into the process of producing automobiles. What…

A: The supply schedule is the tabular representation of the price and quantity supplied. The supply…

Q: Suppose that the shrimp industry is in long-run equilibrium at a price of $5 per pound of shrimp and…

A:

Q: Remembering the learning activity in Unit 3, in the year 107 WBCE (Way Before the Common Era) the…

A: Elasticity measures the responsiveness of quantity demanded to changes in price level.

Q: The graphs below show the world and Chinese Beef, Pork and Rabbit/Dog meat markets before the Swine…

A: A normal good is described as good that a rise in its demand due to an increase in the income of the…

Q: a profit-maximizing firm finds that, at its current level of production, MR > MC, it will *…

A: marginal revenue= change in total revenue/change in quantity Marginal cost= change in total…

Q: The ability of firms to enter and exit a market over time means that, in the long run, a. the demand…

A: Elasticity is an economic measure that determines the reactive nature of the quantity to the changes…

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: True or false: In economics, excess supply in a competitive market with no intervention will lead…

A: Diseconomies of scale will take place,when the average cost increases and the output decreases.…

Q: If the price of a substitute increases, which of the following is most likely to happen in the…

A: Substitute Good: In economics, the term 'substitute good' is used to refer to goods that can be used…

Q: Suppose that WebMD claims that a protein found in chicken will increase your expected lifespan by 3…

A: A) More Producing more chicken and earning positive economic profit The demand will rises because…

Q: An arugula store in a perfectly competitive market was in a long-run equilibrium. Then, the…

A: Suppose the arugula store in a perfectly competitive market was in long-run equilibrium at point A.…

Q: Fill in the blanks When competitive markets are freely allowed to come to equilibrium,. achieved. is

A: Meaning of Market: The term market refers to the situation under which the producers or the…

Q: short-run market

A: In the short run, the firm will shutdown and the firm is not able to cater its  variable costs.…

Q: In the long run, do we expect more firms or fewer firms in the t-shirt market or does the market…

A: The T-shirt market is the monopolist market where are a large number of buyers and fewer seller are…

Q: If the demand for workers with doctorate degrees in economics increases, we would expect a.the wages…

A: If the demand for workers with doctorate degrees in economics increases, it leads to increases the…

Q: In mid-2010, Saudi Arabia and Venezuela (both members of OPEC) produced an average of 8 million and…

A: The price of 1 barrel of oil = P= $80 per barrel The price of 1 barrel of oil after increasing…

Q: The ability of firms to enter and exit a market over time means that in the long rum

A: The entry and exit of firm in the market is a supply side phenomenon, which affects the market…

Q: Julius owns 100 acres of Florida orange orchards. Currently, he and other orange farmers are…

A: Answer to the question is as follows:

Q: At the current short-run market price, firms will __________ in the short run. In the long run,…

A: Answer - Given in the question-

Q: The ability of firms to enter and exit a market over time means that,in the long run.a.the demand…

A: Microeconomics distinguishes the time period into two types namely long run and short run, based on…

Q: If demand for the peach industry is given by P=100-.04Q and supply is given by P=.01Q.Assume the…

A:

Q: Explain in detail how purely competitive markets, in the long-run, know how to adjust to and provide…

A: Note:- Since we can only answer one question at a time, we'll answer the first one. Please repost…

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: Consider that unusually good weather in Washington led to a bumper crop of blueberries in the state.…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: In a fishery the long-run harvest function (harvest volume) is H(E) = aE – bE², with a, b…

A: Harvest function : H(E) = aE - bE2 Total Cost function : TC (E) = cE  Total Revenue : TR (E) = pH(E)…

Q: Describe the situations under which a firms capacity must lag and lead to the demand ?

A: In a Market, a firm produce output to meet the market demand and to satisfy consumers' needs and…

Q: Distinguish between short-run and long-run supply curves.

A: Short run refers to a period of time during which some manufacturing elements are constant while…

Q: Draw the cost curves for a typical firm. For a given price, explain how the firm chooses the level…

A: The firm working in markets that are perfectly competitive deals in homogenous products, and have a…

Q: On the graph the supply in the Rest of the World has shifted from Sstart to S2 and the market in the…

A: For answering this question, we will analyse each of the given options separately.

Q: Give an example of a price at which this firm would want to produce and sell output in the short…

A:

Q: Which of the following best applies to the distinction between the "long run" and the "short run"?…

A: The long-run is the situation when there are no fixed factors (every factor is considered as a…

Q: Which of the following is an element of the (supply chain )? a sourcing b manufacturing C…

A: A supply chain begins with the determination of crude materials to deliver labor and products and…

Q: Short-run and long-run effects of a shift in demand Suppose that the tuna industry is in long-run…

A: Part 1) Beacause of Surgeon General's report consumers demand less tuna at all price. The report…

Q: A new korean restaurant opens in a city. People are initially cautious about eating new food items,…

A: The total production process of a firm is an amalgamation of various costs, the optimum quantity…

Q: Economists assume that by pursuing a strategy of cost minimization of production, most firms try to…

A: The producer can have either profit maximization motive or cost minimization motive. The cost…

Q: What determines the extent of competition in a market? How much the price decreases as more firms…

A: In a market, the extent of competition is determined by the entry and exit.

Q: Your average total cost is $30; the price you receive for the good is $15. Should you keep on…

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

Q: The ability of firms to enter and extt a market overtime means that. in the long run.a. the demand…

A: Elasticity is the responsiveness of changes in the quantity due to change in the price level.

Q: The town of Whoovile wants to increase the amount of affordable housing in town.  Assume that…

A: Housing being a competitive industry suggests free entry and exit of firms operating within it.…