Which of the below changes in demand in the long-run would lead to entry in the perfectly competitive market for wheat? a. a decrease in the number of buyers b. a decrease in buyers' expected price of wheat c. an increase in income (wheat is a normal good) d. both a) and b) would lead to long-run entry in perfect competition
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Which of the below changes in
a. a decrease in the number of buyers
b. a decrease in buyers' expected price of wheat
c. an increase in income (wheat is a normal good)
d. both a) and b) would lead to long-run entry in perfect competition
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- Explain the feature of the large number of the sellers and the buyers in the perfect competitionSuppose that firm is in a breaking even status in a perfectly competitive market. Using graphs (for both industry and firm) to explain how a decline in demand in the short run affects some firms’ performance (e.g., earn profits or experience loss). In the long run, how this results in exit of some firms from the same perfectly competitive market. Comment on the market equilibrium quantity and price in the long run?choose 1 if, for the last unit of a good produced by a perfectly competitive firm, MR>MC, then in producing it the firm: 1- added more to total revenue than it added to total costs 2-is maximizing marginal profit 3-has minimized its losses 4-added more to total costs than it added to total revenue
- Here i a list of the following conditions of a perfectly competitive market.Which characteristic is wrong for a perfectly competitive market? a)There is complete information b)Firms products are differentiated c)The number of firms is large d)Firms are price takers e)There are any barriers to entry5. Which of the following are elements for markets that resemble perfect competition?a. flat demand curves; easy exit; easy entryb. steep demand curves; difficult exit; easy entryc. flat supply curves; easy exit; difficult entryd. steep supply curves; difficult exit; difficult entryWhich of the following scenarios is not consistent with a perfectly competitive market? Choice 1 of 4:In the market for phones everyone considers iPhones and Androids to be essentially the same thingChoice 2 of 4:Each producer of backpacks can freely set the price, while consumers of backpacks take the price that is setChoice 3 of 4:The stalls selling lucky rabbit feet by the airport have a marginal revenue that is equal to the market priceChoice 4 of 4:Mike, Elle, and Dustin are all attempting to sell lemonade, but at 1pm Mike can easily go home and Lucas can easily start selling.
- Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, then the firm will set its price at ____ and produce ____ units. $4; 40 $6; 40 $6; 55 $6; 30Use a graph to demonstrate the scenario where a competitive firm would be earning positive profit in the short run. Can this scenario be maintained in the long run? Why? What are the ‘shutdown point’ and ‘break even point’ of a competitive firm . Explain with diagram. A competitive market starts in a situation of long run equilibrium. Then there is an increase in demand. Explain what happens in the short run and long run, using necessary diagrams.The marginal cost to produce one bottle of developer is $5. There is no fixed cost. Note that this is a market demand, not a firm's individual demand schedule. 1)Calculate total revenue, total cost, marginal revenue and total profit. Quantity Demanded : 0, 10, 20, 30, 40, 50, 60, 70, 80 Price: 40, 35, 30, 25, 20, 15, 10, 5, 0 2) If the market for developer is perfectly competitive, what quantity will be produced? What price will be charged? What will the firm’s profit be? Write a sentence explaining how you determined each of those three answe
- is walmart an example of perfect competition ? Discuss the product they sell, entry and exit to the market and number of available sellers?A firm operates in a perfectly competitive market. Its marginal cost = to its marginal revenue. It is incurring economic losses . Based on this information, which of the following is true? a) An increase in output will decrease the forms economic losses. b) a decrease in output will decrease the firms economic losses. c) Any change in output will fail to result in positive economic profits. d) An increase in price will decrease the firms economic losses. e) the forms marginal revenue exceeds its outputs average total costYou read in a business magazine that farmers are reaping high profits. With the theory of perfect competition in mind, what do you expect to happen over time (in the long run) to each of the following? a. The prices of agricultural products b. The profits of farmers c. The equilibrium output in agricultural markets d. The number of farms