he Long-Run? Group of answer choices Firms will enter the industry in the Long-Run There will be no change in the number of firms in the industry in the Long-Run Some firms will exit the industry in the Long-R

Q: xplain the three possible profit-maximizing positions of perfectly competitive firms in the short…

A: To expand profits in an entirely competitive market, firms set minor income equivalent to minimal…

Q: Correctly illustrate the market and firm in perfect competition: In a market for propane, a…

A: In a perfectly competitive market, when a firm is earning economy profit, it is the situation when…

Q: If the corn industry is perfectly competitive with a market price of $2 per bushel and a corn farmer…

A: A market formed by the agglomeration of a large number of firms identical in size that produce and…

Q: What is the short-run Shutdown condition for a perfectly competitive firm?   P>AVCminimum…

A: In a market, a shutdown point refers to the point at which a firm is unable to recover its operating…

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: Suppose a perfectly competitive firm is breaking even (profit is equal to zero). In the short run,…

A: In perfect competition there are many firms producing identical goods.

Q: cost curves to those of Smart in question 3. a.) What happens to the number of firms producing…

A: In the long run, firms are producing output at lowers point of average cost curve. This point can be…

Q: Ceteris paribus, if a firm in a perfectly competitive industry raises its price above market price,…

A: In perfectly competitive market, firms produce identical goods. There do not have any market power…

Q: In the short run, a perfectly competitive firm   Question 15 options:   chooses its optimal plant…

A: In perfect competition there are many firms producing identical goods.

Q: A large city has nearly 500 restaurants, with new ones entering regularly as the population grows.…

A: A perfectly competitive market alludes to a market structure in which there are countless firms and…

Q: In the market for running shoes, all the firms face a similar demand curve and have similar cost…

A: Answer - "Thank you for submitting the question but we are authorized to solve 3 sub- parts of the…

Q: A firm operates in a perfectly competitive market. Its marginal cost = to its marginal revenue. It…

A: Given marginal revenue= marginal cost, there would be three cases in perfect competition: One where…

Q: When discussing pure competition, the term long run refers to a period of time long enough to allow:…

A: Option ‘c’ is the correct answer. Option ‘c’ - Because Option ‘a’ and ‘b’ both are correct. Hence,…

Q: b).  The Philadelphia water ice industry is a constant cost industry.  The demand for water ice…

A: A constant cost industry is an industry whose output can be increased without an increase in the…

Q: Cronos Corporation of Kingston, Ontario produces keyboards for computers in a perfectly competitive…

A: Perfect competition is a type of a market structure.

Q: Consider the competitive market for products known as Bergers where there are 500 firms – with each…

A: Perfect competition is a market structure where there is a large number of buyers and sellers exists…

Q: In a perfectly competitive market, there are firms, all selling products. Select one: a. several…

A: In a perfectly competitive market the price are market determined and all firms are price price…

Q: If a competitive industry is currently losing money what can be expected to happen to the number of…

A: The perfect competitive market is a market where large number of buyers and sellers in the market,…

Q: Given the following information, state whether the perfectly competitive firm will shut down or…

A: The firm's production decision in short-run is based only on the variable cost and not fixed cost.…

Q: Suppose that the perfectly competitive chicken industry is in long-run equilibrium at a price of $3…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Consider an industry where there is perfect competition (with the conventional horizontal long-run…

A: A perfectly competitive market is composed of a large number of small firms that produce and supply…

Q: Paragraph Styles 8. When firms are said to be price takers, it implies that if a firm raises its…

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

Q: In a market with perfect competition, Prices are set by businesses. businesses confronting an…

A: Technically, perfect competition creates a monopoly that enables a business to set any price because…

Q: The graph shows the cost curves of an individual firm in a perfectly (or purely) competitive…

A:

Q: A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Sparkle is one firm of many in the market for toothpaste, which is in long-run equilibrium. Indicate…

A: Sparkle is one of the many firms in market of toothpaste which means it is talking about…

Q: Some firms in the market are making profit, others are having losses. Draw and explain graphs…

A:

Q: firms enter a purely competitive industry, then in the long run this change will shift the industry:…

A: In a purely competitive industry, there is no barrier to entry or exit.

Q: Explain equilibrium of the firm under perfectly competitive market by choosing output level at which…

A: A competitive  firm produces output where P=MC=MR. At this output it earns profit or loss depends on…

Q: In the figure provided below, which perfectly competitive firm (a, b or c) earns economics profits…

A: The distinction between the cash collected from the sale of AN output and therefore the prices of…

Q: Which of the characteristics of perfect competition assures that economic profit will be zero in the…

A: The market is the collection of buyers and sellers. It is the system in which the transaction of…

Q: Radhika has started providing tutorial service to 10th standard students in mathematics. She charges…

A: Given : Revenue per week per student = Rs 750 Total weekly cost = Rs 8000 Revenue for 10 students…

Q: In the long​ run, firms in a competitive market A. earn positive accounting​ profit, but zero…

A: A competitive market refers to the market in which there is a large number of firms that sell…

Q: A firm in a competitive market has a short run cost curve given by C = Q' - 100 + 100Q + 100. (a) If…

A: ANSWER    A perfectly competitive firm's short vun shut-down point is when p equals AVCmin If P…

Q: In the long run, if price is less than average cost,  there is an incentive for firms to exit the…

A: The perfect competition is the type of market structure where there are large number of firms and…

Q: The diagram above shows a Perfectly Competitive market on the left, and a representative firm…

A: In the given industry demand and supply, the equilibrium price is 7 $. At this price the firm in the…

Q: There are several pen manufacturers in Corinthia. However, the pens sold by each manufacturer have a…

A: Demand is the total quantity of products and services for which the customers are ready to pay…

Q: In perfect competition, the price of the product is determined where the industry Select one: a.…

A: A market with perfect competition is one with a large number of sellers and purchasers.Because all…

Q: 3. Suppose that the market demand for a product is given by Q = A- BP (A>0 and B > 0). Suppose also…

A: a) Market Demand Function Q = A- BP (A 70, B70) Cost function of firm= c(q) = k +aq+ bq2 MC for a…

Q: A slight increase in the marginal cost of a firm definitely leads to a reduction in its output if…

A: In the oligopoly market, any change in the firm's output, cost or pricing will lead affect its…

Q: The following problem traces the relationship between firm decisions, market supply, and market…

A: Answer: Given, Number of firms in the industry = 100 (1). Equilibrium occurs where the quantity…

Q: The graph shows an individual firm in a perfectly (purely) competitive industry. Adjust the…

A: The long run equilibrium occur at where the Price = MC= Average total cost (ATC).Below Figure shows…

Q: These diagrams, pertain to a perfectly competitive firm producing output q and the industry in which…

A: Answer:- (B) Firms to leave the industry, market supply to fall, and product price to rise.

Q: In the short run a perfectly competitive firm will Select one: a. shut down if P is greater than…

A: "A perfectly competitive firm is a price taker and maximize profit at a point where price equates…

Q: In the market for running shoes, all the firms face a similar demand curve and have similar cost…

A: Since we only answer up to 3 sub-parts, we will answer the first 3. Please resubmit the question and…