n the short run, a perfectly competitive firm can Select one: a. earn an economic profit. b. earn an economic profit, earn a normal profit, or incur an economic loss. c. earn a normal profit. d. incur an economic loss.
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- What price will a perfectly competitive firm end up charging up the long run? Why?If a profit-maximizing, competitive firm is producing a quantity at which marginal cost is between average variable cost and average total cost, it will A. keep producing in the short run but exit the market in the long run. B. shut down in the short run but return to production in the long run C. shut down in the short run and exit the market in the long run. D. keep producing both in the short run and in the long run.Q. In a perfectly competitive industry, a. Firms earn a breakeven profit in the short-run, but can either make an economic profit or make a loss in the long-run b. None of the above c. Firms can choose whether to produce or shut-down in the short-run d. Firms always charge a price equal to the minimum of AVC in the short-run e. There are high “sunk costs” involved which act as a barrier to entry in this industry
- 1. Draw a graph that shows a perfectly competitive firm operating at a loss in the short run. Label all curves and аxes. 2. Find the output Q at which this firm will operate in the short run.The packaged milk market in Pakistan is perfectly competitive.i. Some firms in the market are making profit, others are having losses. Draw andexplain graphs showing MC, ATC, MR, AR, price and quantity of output to illustratethese situations.ii. In the short run some of these firms may decide to shut down temporarily. In the longrun some of these firms may exit the market, and new firms may enter. Draw andexplain graphs to show these situations and short run and long run supply curves.iii. If firms can enter and exit the packaged milk market in the long run but not in theshort run, show how a decrease in demand due to lower incomes of Pakistaniconsumers during COVID Pandemic affects price and profitability.According to the graph below, if the price of the good is $17, then the result for the perfectly competitive firm will be: Graph: Short-run profit and loss Price MC ATC AVC 1S 13 Quantity Select one: a. making a long-run loss and so it will shut down. b. making a short-run loss but it will continue to produce. c. making a long-run profit. d. making a normal profit.
- If a firm in a perfectly competitive industry experiences persistent losses, in the long run it should A. exit the industry. B. continue to operate if it can raise the demand for its product through advertising and quality improvements. C. shut down temporarily and wait for market conditions to change. D. raise its price to cover average total cost.In the short run a perfectly competitive firm will Select one: a. shut down if P is greater than AFC. b. shut down if P is less than ATC. c. shut down if P is less than AVC. d. never shut down.Next question ice and cost (dolars per par) The graph shows the long-run situation facing a producer of running shoes. In the market for running shoes, all the firms face a similar demand curve and have similar cost curves 120- Draw a vertical arrow that shows the firm's markup at the profi-maximizing quantity. Label R. MC t004 What is a fim's markup? /ATC A fem'u markup is the amount by which exceeds OA price; average total cost 60 OB. price, marginal cost OC. average total cost marginal revenue OD. average total cost marginal cost 20- Describe the market of a firm in perfect competition MR O 25 7 100 1is e ths 200 zis Quantity (pain of shoes per week) A firm in perfect competition has OA a markup similar to a firm in monopolistic competition OB. no markup > Draw only the objects specfied in the question Oc. a negative markup O D. a markkup similar to a monopoly
- 1. Suvreen runs a flower shop in a perfectly competitive market and sells each flower bouquet for $50. Suvreen's flower shop has a fixed cost of $300 and the following table shows her total cost schedules No. of Total Cost flower (S) bouquets 6 445 7. 485 530 9 580 10 635 11 695 a) How many bouquets should Suvreen sell to maximize profir? b) Calculate Suvreen's profit or loss at the chosen quantity from part (a) c) Find the price at nhich the shop may decide to shut down in the short run d) What is the Break-even price for the firm?In the short run, a perfectly competitive firm: a . is in equilibrium only when its economic profit is zero . b . might incur an economic loss. c will always make an economic profit . d . chooses its optimal plant size .Why is a firm in a perfectly competitive market called a price taker? Why do the price, MR and demand faced by a firm in such a market coincide? Explain. Please don,t copy from anywhere. Please answer step by step. if posssible use graph.
