Economics (MindTap Course List)
13th Edition
ISBN: 9781337617383
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 22, Problem 13QP
(a)
To determine
Explain
(c)
To determine
Explain
(d)
To determine
Explain
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The graph below shows a perfectly competitive firm in short run equilibrium, where the firm has chosen the output level maximizing its profit. Consider the level of profits being earned here, and what will happen over time. What will happen in the long run? Note that the horizontal demand curve, D1, is also equivalent to marginal revenue and price.
Group of answer choices
The market price will increase causing economic profits to increase
Demand will increase causing economic profits to increase
The market price will decrease until economic profit is zero
must each perfectly competitive firm be in equilibrium if the industry is in the long-run equilibrium? why?
According to marginal analysis, a perfectly competitive firm will produce an output level where what is true about its Marginal Revenue and its Marginal Cost?
Chapter 22 Solutions
Economics (MindTap Course List)
Ch. 22.1 - Prob. 1STCh. 22.1 - Prob. 2STCh. 22.1 - Prob. 3STCh. 22.1 - Prob. 4STCh. 22.2 - Prob. 1STCh. 22.2 - Prob. 2STCh. 22.2 - Prob. 3STCh. 22.2 - Prob. 4STCh. 22.3 - Prob. 1STCh. 22.3 - Prob. 2ST
Ch. 22.3 - Prob. 3STCh. 22.3 - Prob. 4STCh. 22.4 - Prob. 1STCh. 22.4 - Prob. 2STCh. 22 - Prob. 1QPCh. 22 - Prob. 2QPCh. 22 - Prob. 3QPCh. 22 - Prob. 4QPCh. 22 - Prob. 5QPCh. 22 - Prob. 6QPCh. 22 - Prob. 7QPCh. 22 - Prob. 8QPCh. 22 - Prob. 9QPCh. 22 - Prob. 10QPCh. 22 - Prob. 11QPCh. 22 - Prob. 12QPCh. 22 - Prob. 13QPCh. 22 - Prob. 14QPCh. 22 - Prob. 15QPCh. 22 - Many plumbers charge the same price for coming to...Ch. 22 - Prob. 17QPCh. 22 - Prob. 18QPCh. 22 - Prob. 1WNGCh. 22 - Prob. 2WNGCh. 22 - According to the accompanying table, what quantity...Ch. 22 - Prob. 4WNGCh. 22 - Prob. 5WNGCh. 22 - Prob. 6WNGCh. 22 - Prob. 7WNGCh. 22 - Prob. 8WNGCh. 22 - Prob. 9WNGCh. 22 - Prob. 10WNG
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- Consider a perfectly competitive market at a long-run equilibrium. Suppose demand increases. What do you expect to happen as a result of the demand increase? Group of answer choices -Prices go down in the short run and firms neither enter or exit the market. -Prices go up in the short run and new firms enter the market. -Prices go down in the short run and new firms enter the market. -Prices go down in the short run and firms exit the market -Prices go up in the short run and firms neither enter or exit the market. -Prices go up in the short run and firms exit the marketarrow_forwardIf existing competitive firms are incurring economic losses, which of the following will happen as the market moves toward long-run equilibrium, ceteris paribus? Answers: A. Lower equilibrium price and greater equilibrium quantity. B. Higher equilibrium price and smaller equilibrium quantity. C. Lower equilibrium price and smaller equilibrium quantity. D. Higher equilibrium price and greater equilibrium quantity.arrow_forwardSuppose that the perfectly competitive chicken industry is in long-run equilibrium at a price of $3 per pound of chicken and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating chicken is good for your health. The Surgeon General's report will cause consumers to demand chicken at every price. In the short run, firms will respond by . Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of the Surgeon General's announcement. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. In the long run, some firms will respond by until . Shift the supply curve, the demand curve, or both on the following diagram to illustrate both the short-run effects of the Surgeon General’s announcement and…arrow_forward
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