Unit10 - Microeconomics Multiple choice A firm in perfect competition is a price taker because there are no good substitutes for its good. they are profit maximizers. it is very large. many other firms produce identical products. Under what condition would a perfectly competitive firm who is incurring an economic loss temporarily stay in business? if the total revenue is positive if the total revenue exceeds the variable cost if the total revenue exceeds the fixed cost if the total revenue is increasing When firms in a perfectly competitive market are making earning an economic profit, in the long run, firms will exit the market. firms will continue to earn a profit. average cost will shift downward. firms will enter the market.

Q: How is the PROCESS (steps) of adjustment or transition from short to long term equilibrium in…

A: Answers: Introduction: Perfect competition refers to the market in which there are numerous buyers…

Q: Q)Assume that a competitive firm has the total cost function: TC=1q^3−40q^2+740q+1600 Suppose the…

A: Answer: Given, Price = $650 per unit Total cost function: TC=1q^3−40q^2+740q+1600 Quantity Total…

Q: Suppose you are the economic advisor of Jackie Brown Company, a perfectly competitive company that…

A: Given,   Output = 50 units per day  Price = $20 per unit  Variable costs (VC) = $24,000 per month

Q: 39) A profit-maximizing firm in a competitive market produces small rubber balls. When the market…

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Q: Unit 10 - Competition - Microeconomics The market for coffee near Sarbucks stores is perfectly…

A: Hello, Since you have posted multiple questions and not specified which question needs to be solved,…

Q: If a competitive firm finds that it maximizes short-run profits by shutting down, which of the…

A: Shut down point: The shutdown point exits at that point where the price is equal to the minimum…

Q: Suppose you are the economic advisor of Jackie Brown Company, a perfectly competitive company that…

A: The point at where the firm stops its production process is referred to as the shutdown point. A…

Q: If it is possible for a perfectly competitive firm to do better financially by producing rather than…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: maximize profit in the short-run, a perfectly competitive firm will search for that output at which…

A: In a perfectly competitive firm there are large number of firms selling identical product.

Q: Suppose a firm in a perfectly competitive industry develops a manufacturing innovation that lower…

A: The perfect competition refers to a type of market structure which is characterized by a large…

Q: In the above figure, the left hand side graph represents a perfectly competitive industry and the…

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

Q: TC=18+2q2   Suppose the firm's output can be sold (in integer units) at $58 per unit. Using…

A: Finding out total cost and Total revenue are very important from micro perspective as it allows…

Q: [F] The profit function of a business firm is T = f(q) = -q³ + 6q² – 11q – 50. ,3 | (i) What output…

A: We have given the profit function i.e., π = -(1/3)q3 + 6q2 - 11q - 50 In order to find the value of…

Q: Assume the following unit-cost data are for a purely competitive producer.

A: Profit maximizing conditions for a competitive market are - Necessary Condition : P = MC  Sufficient…

Q: If a perfectly competitive firm is producing an output level where average variable cost is equal to…

A: "A profit maximizing firm in a perfectly competitive market will maximize profits at a point where…

Q: Consider a perfectly competitive firm in the following position: output = 4000, market price = $1,…

A: There are two possibilities to answer this question either option 'a' or option 'd'  but  we ensure…

Q: Suppose you are hired as an economic consultant for Promax Consulting Company.  Your job is to…

A: The perfectly competitive firm, maximize its benefit when its minimal expense is equivalent to the…

Q: For a perfectly competitive firm operating in the short run, in order to maximize profits it should…

A: here we find the correct answer as follow;

Q: You are the manager and selling your product in a perfectly competitive firm market. Your firm and…

A: Given C(Q) = 50 + 10Q + 2 Q2, MC = Change in Total Cost/ Change in Output      = 50 + 10Q + 2 Q2 / Q…

Q: if a perfectly competitive firm's output price is $10 and the firm is producing 500 units with a…

A: (Q) If a perfectly competitive firm's output price is $10 and the firm is producing 500 units with a…

Q: The Emerald Company, a firm in the perfectly competitive custom jewelry industry, asks you for your…

A: First, we will find all the costs from the given information. Quantity is 550 units Total Revenue is…

Q: Multiple choice - microeconomics 41) Where is the competitive firm’s short-run supply curve…

A: During the short run, only one factor is variable and the rest of all the factors are fixed factors.…

Q: In a market that allows free entry and exit, when does the process of entry and exit end for the…

A: New firms enter the market when existing firms are making a positive economic profit in the short…

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: Price ATC MC AVC Po DD Quantity

A: Here, the given graph provide information about the cost and revenue function of a competitive firm.

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A: As an early mover is likely to be the basis of a sustainable competitive advantage because the…

Q: Consider a firm that operates in a market that competes aggressively in prices. Due to the high…

A: The perfect competitive market is the market with large number of buyers a seller with symmetric and…

Q: Q4) A perfectly competitive firm has the following total cost function: 05 Total output Total Cost…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Suppose that the long run TC function is as follows: TC=1000+10Q² (and total cost is 0 if Q is less…

A: Given, TC = 1000 + 10Q2MC = dTCdQ=20Q Price, P = 300

Q: The figure below depicts the short-run market equilibrlum In a perfectly competitive market and the…

A: Perfect competition market is such market where there are very large number of buyers and sellers…

Q: In the long run, it is not possible for a perfectly competitive firm to... a. Alter its plant size.…

A: Prices are the value of goods and see sold in the market.

Q: 32. A decrease in the price of a fixed factor of production decreases total cost and A. decreases…

A: (32) A decrease in the price of a fixed factor of production decreases total cost and A. decreases…

Q: For a perfectly competitive firm operating in the short run, in order to maximize profits it should…

A: In a perfectly competitive market, price is constant so it is equal to marginal revenue. Firms are…

Q: Demand in an industry is expected to decrease permanently. Before the decrease in demand the…

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Q: A firm in a perfectly competitive industry knows the following about its costs and revenue. The firm…

A: In perfectly competitive market price is constant so it is equal to marginal revenue. At profit…

Q: Consider a company that operates in a competitive market, with a typical set of cost curves…

A: TFC=27×180=4860When P=50,Average Fixed Cost= Total Fixed CostTotal OutputAverage Fixed…

Q: Which of the following are characteristics of a perfectly competitive market? Check all that apply.…

A: Perfectly competitive market  There are many buyer and seller and free entry and exit of entry

Q: Jakarta City cab operator appears to be making positive profits in the long run after carefully…

A: The Competitive Forces Model is a significant instrument utilized in essential investigation. The…

Q: What are the advantages of scale in capitalist competition

A: GIVEN   the advantages of scale in capitalist competition   Defination of scale: means cost benefits…

Q: D6) Outline and critically assess the theory of perfect competition. To what extent does the theory…

A: Perfect competition is a representative of the market established on the presumption that a large…

Q: Which statement is true? a. Socio-cultural factors do not determine the goods that society is likely…

A: socio-cultural factors are the factors that effect the consumers choices and tastes and they effect…

Q: Under conditions of perfect or pure competition, or close to those conditions, producers (firms) are…

A: Answer: Correct option: option (2) Explanation: In the case of perfect competition, price is always…

Q: Suppose you are the economic advisor of Jackie Brown Company, a perfectly competitive company that…

A: Given; Quantity sold in one day= 50units Quantity sold in one month= 50×30…

Q: help with this question If a competitive firm finds that its average variable cost is decreasing at…

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Q: a "perfectly competitive" market, each business is selling a product that is very similar (maybe…

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Q: Suppose a firm is currently producing at an output level such that the market price is above the…

A: Profit maximisation is the ultimate goal of firms operating in the market.

Q: Q6. Agriculture in India is mostly characterized by Perfectly Competitive Market! What are the…

A: A perfectly competitive market is where there are a large number of producers in a number of…