Essentials of Economics (MindTap Course List)
8th Edition
ISBN: 9781337091992
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 13, Problem 8QR
To determine
The competitive firm’s supply curve is more elastic in the short run or the long run.
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The ability of firms to enter and exit a market over time means that,in the long run.a.the demand curve is more elastic.b.the demand curve is less elasticc.the supply curve is more elasticd.the supply curve is less elastic
The ability of firms to enter and extt a market overtime means that. in the long run.a. the demand curve is more elastic.h thP. f'I P.m~n rl r.urvA i~ lA!=>~ Alt:t~ti t .c. the supply curve is more elastic.d. the supply curve is tess elastic.
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Chapter 13 Solutions
Essentials of Economics (MindTap Course List)
Ch. 13.1 - Prob. 1QQCh. 13.2 - How does a competitive firm determine its...Ch. 13.3 - Prob. 3QQCh. 13 - Prob. 1CQQCh. 13 - Prob. 2CQQCh. 13 - Prob. 3CQQCh. 13 - Prob. 4CQQCh. 13 - Prob. 5CQQCh. 13 - Prob. 6CQQCh. 13 - Prob. 1QR
Ch. 13 - Prob. 2QRCh. 13 - Prob. 3QRCh. 13 - Prob. 4QRCh. 13 - Prob. 5QRCh. 13 - Prob. 6QRCh. 13 - Prob. 7QRCh. 13 - Prob. 8QRCh. 13 - Prob. 1PACh. 13 - Prob. 2PACh. 13 - Prob. 3PACh. 13 - Prob. 4PACh. 13 - Prob. 5PACh. 13 - A firm in a competitive market receives 500 in...Ch. 13 - Prob. 7PACh. 13 - Prob. 8PACh. 13 - Prob. 9PACh. 13 - Prob. 10PACh. 13 - Suppose that each firm in a competitive industry...
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- The market for paperback detective novels is perfectly competitive. Market Demand is given by Q=106-7P. Market Supply is given by P=5+2Q. What is market QUANTITY? Enter a number only. Remember, fractions of goods are possible.arrow_forwardConsider the perfectly competitive spice market. At the equilibrium price, the elasticity of market supply is 0.58 and the elasticity of demand is 2.26. An increase in production costs cause the market PRICE of spices to rise by 3%. What is the percentage change in market QUANTITY?arrow_forwardConsider the perfectly competitive spice market. At the equilibrium price, the elasticity of market supply is 0.31 and the elasticity of demand is 1.93. An increase in production costs cause the market PRICE of spices to rise by 2%. What is the percentage change in market QUANTITY? Notes: Enter a number only, do not include the % sign. If it decreases, include a negative sign before your number. For example, if it is a 15.675% decrease, enter -15.68 not -0.15. If quantity decreases include a negative sign.arrow_forward
- Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market supply is 2.65 and the elasticity of demand is 0.40. Spice is a normal good. An increase in incomes cause the market PRICE of spices to rise by 3%. What is the percentage change in market QUANTITY? Notes: Enter a number only, do not include the % sign. If it decreases, include a negative sign before your number. For example, if it is a 15.675% decrease, enter -15.68 not -0.15. If quantity decreases include a negative sign.arrow_forwardGive typing answer with explanation and conclusion Sort the following characteristics by whether they describe competitive markets, firms that can perfectly price-discriminate, both, or neither. maximize total surplus result in some deadweight loss zero economic profit in the long run eliminate consumer surplusarrow_forwardFor a firm with a downward-sloping demand curve, which of the following is true at the profit-maximizing level of output? For this case, let's assume that marginal costs are positive.a) demand is perfectly inelastic b) demand is inelastic but not perfectly inelastic c) demand is unit-elastic d) demand is elastic but not perfectly elastice) demand is perfectly elasticarrow_forward
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