Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 8, Problem 19SQ
To determine
The setting of price in the long run equilibrium.
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In the long run, perfectly competitive firms are at equilibrium when:
(LMC = Long-Run Marginal Cost; LAC = Long-Run Average Cost)
a.P = LAC > LMC
b.P = LMC = LAC.
c.P = LMC > LAC
d.P = MR.
Show and explain how the short run supply curve of the perfectly competitive firm is derived.
1.9)
Given a perfectly competitive firm, which of the following statements are true?
Select one or more:
a.In the long run, the firm can make profits greater than normal profit.
b.Marginal revenue will be less than price.
c.In the short run, the firm can make profits greater than normal profit.
d.In the short run, average cost cannot be greater than price.
Chapter 8 Solutions
Micro Economics For Today
Ch. 8.5 - Prob. 1YTECh. 8.5 - Prob. 2YTECh. 8 - Prob. 1SQPCh. 8 - Prob. 2SQPCh. 8 - Prob. 3SQPCh. 8 - Prob. 4SQPCh. 8 - Prob. 5SQPCh. 8 - Prob. 6SQPCh. 8 - Prob. 7SQPCh. 8 - Prob. 8SQP
Ch. 8 - Prob. 9SQPCh. 8 - Prob. 10SQPCh. 8 - Prob. 11SQPCh. 8 - Prob. 12SQPCh. 8 - Prob. 1SQCh. 8 - Prob. 2SQCh. 8 - Prob. 3SQCh. 8 - Prob. 4SQCh. 8 - Prob. 5SQCh. 8 - Prob. 6SQCh. 8 - Prob. 7SQCh. 8 - Prob. 8SQCh. 8 - Prob. 9SQCh. 8 - Prob. 10SQCh. 8 - Prob. 11SQCh. 8 - Prob. 12SQCh. 8 - Prob. 13SQCh. 8 - Prob. 14SQCh. 8 - Prob. 15SQCh. 8 - Prob. 16SQCh. 8 - Prob. 17SQCh. 8 - Prob. 18SQCh. 8 - Prob. 19SQCh. 8 - Prob. 20SQ
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- explain why is the long run market supply curve horizontal in long run in perfect competitive market? How does a competitive firm determine the quantity that maximizes profit? When might a competitive firm shutdown in the short run and exit the market in the long run?arrow_forwardIn the long-run, perfectly competitive firms produce at the point where P = ATC MR = MC P = MC All of these statements are truearrow_forward
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