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last option will be the answer
because currently selling price is lower than the cost, so firms will have to exit to reduce supplies to bring equilibriumin the market resulting in rise in prices
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Question 3 (1 point) Zhang has a store that sells beach chairs. He is currently able...
Please help with these questions Question 37 0.4 pts Use the following scenario to answer the...
Please help with these questions
Question 37 0.4 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston, Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will stay where it is. increase in the short run decrease in the long run. decrease in the...
Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in...
Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl market. The factory is currently producing 100 bowls at an average total cost of $10 per bowl. It is making $1,500 of economic profit in the short run. What is the market price of bowls? $35 $30 $25 $20 Previous Page Next Page Page 33 of 34
Question 34 (1 point) Assume the market for wheat is perfectly competitive. At the current price...
Question 34 (1 point) Assume the market for wheat is perfectly competitive. At the current price of wheat wheat farmers are making a large economic loss. Which of the follow would we expect to happen in the long run? More firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat falls More firms produce wheat and the price of wheat falls
Suppose firms in a monopolistically competitive industry currently charge a price less than their average total...
Suppose firms in a monopolistically competitive industry currently charge a price less than their average total cost. What will be the profitability for firms in the short and long term? 1) In the short run, firms in this market will A) make a loss. B) break even. C) make a profit. 2) In the long run, firms in the market will A) break even or exit the market. B) make a loss. C) make a profit. 3) What will happen...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is...
The demand curve for a perfectly competitive firm options: is upward sloping. is perfectly horizontal. is perfectly vertical. maybe downward or upward sloping, depending upon the type of product offered for sale. In the short run, the best policy for a perfectly competitive firm is to Question 17 options: shut down its operation if the price ever falls below average total cost. produce and sell its product as long as price is greater than average variable cost. shut down its...
4. Which of the following is NOT a true statement about market conditions for firms under...
4. Which of the following is NOT a true statement about market conditions for firms under perfect competition a. Each firm will produce as efficiently as possible b. Consumer surplus is maximized. c. Economic profits of firms will always be zero in the long run. d. Government intervention must move markets to equilibrium. c. Price - Long-Run Marginal Cost - min Long-Run Average Cost 5. In the market shown on the graph on the right ATC a. Mark profit maximizing...
please answer all questions! Suppose the federal finance minister wants to pass a law that would...
please answer all questions!
Suppose the federal finance minister wants to pass a law that would require all monopolistically competitive firms to operate at their efficient scale. If this law were to pass and be enforced, what would we expect would happen to monopolistically competitive firms? They would see their costs increase. They would have to lower their production. They would require subsidies to stay in business. They would have to exit the market. What does entry by new firms...
24. Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building...
24. Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues...
Part 1. 1. Use the figure above to answer this question. Consider a perfectly competitive market experiencing good time...
Part 1.
1. Use the figure above to answer this question.
Consider a perfectly competitive market experiencing good times.
Figure ________ shows a firm maximizing profit in the LONG RUN
because it produces ________ units and makes an economic profit of
________.
A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
Part 2.
2. The figure above shows a firm's demand and marginal
revenue curves...
56) Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can...
56) Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can produce 15 chocolate bars per day with one employee, 29 with 2, 35 with 3 and 40 with 4 employees. Which statement is TRUE? A) Rogue's marginal product curve decreases initially and then increases. B) Rogue's marginal product curve initially increases and then decreases. C) Rogue's total product curve increases at an increasing rate. D) Rogue's marginal product curve decreases continually. 57) In 2008,...
Please help with these questions
Question 37 0.4 pts Use the following scenario to answer the following questions: Carmela's Churros is a perfectly competitive firm that sells desserts in Houston, Texas. Carmela's Churros currently is taking in $40,000 in revenues, and has $15,000 in explicit costs and $25,000 in implicit costs. Holding all else constant, the price of churros in this market will stay where it is. increase in the short run decrease in the long run. decrease in the...
Question 33 (1 point) James has a factory that produces bowls. He is selling bowls in a perfectly competitive bowl market. The factory is currently producing 100 bowls at an average total cost of $10 per bowl. It is making $1,500 of economic profit in the short run. What is the market price of bowls? $35 $30 $25 $20 Previous Page Next Page Page 33 of 34
Question 34 (1 point) Assume the market for wheat is perfectly competitive. At the current price of wheat wheat farmers are making a large economic loss. Which of the follow would we expect to happen in the long run? More firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat rises Fewer firms produce wheat and the price of wheat falls More firms produce wheat and the price of wheat falls
4. Which of the following is NOT a true statement about market conditions for firms under perfect competition a. Each firm will produce as efficiently as possible b. Consumer surplus is maximized. c. Economic profits of firms will always be zero in the long run. d. Government intervention must move markets to equilibrium. c. Price - Long-Run Marginal Cost - min Long-Run Average Cost 5. In the market shown on the graph on the right ATC a. Mark profit maximizing...
please answer all questions!
Suppose the federal finance minister wants to pass a law that would require all monopolistically competitive firms to operate at their efficient scale. If this law were to pass and be enforced, what would we expect would happen to monopolistically competitive firms? They would see their costs increase. They would have to lower their production. They would require subsidies to stay in business. They would have to exit the market. What does entry by new firms...
Part 1.
1. Use the figure above to answer this question.
Consider a perfectly competitive market experiencing good times.
Figure ________ shows a firm maximizing profit in the LONG RUN
because it produces ________ units and makes an economic profit of
________.
A) A; 100; $2 per unit
B) A; 90; $3 per unit
C) B; 100; $0 per unit
D) C; 100; $3 per unit
Part 2.
2. The figure above shows a firm's demand and marginal
revenue curves...
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