Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
47. Why must profits be zero in long-run competitive equilibrium a. If profits are not zero,...
In the long run, all of the firms in a perfectly competitive industry will: exit the...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
In long run equilibrium, a competitive firm maximizes profits by a. producing an output level where...
In long run equilibrium, a competitive firm maximizes profits by a. producing an output level where marginal revenue equals marginal cost. b. charging a price equal to marginal revenue and marginal cost. c. charging a price where marginal cost equals average total cost. d. All of the above are correct.
QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic...
QUESTION 7 Monopolistic competitive firms in the long run earn: positive economic profits. zero pure economic profits. negative economic profits. Positive, zero, or negative economic profits. QUESTION 8 Which of the following statements best describes firms under monopolistic competition? Profits will be positive in the long run. Price always equals average variable cost. In the long run, positive economic profit will be eliminated. Marginal revenue equals minimum average total cost in the short run. QUESTION 9 Which of the following...
If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of...
If the donut industry is perfectly competitive and is in long-run equilibrium, then the price of a donut Question 20 options: A) equals long-run average cost. B) is greater than marginal cost. C) is greater than long-run average cost. D) is greater than short-run average cost. The industry that produces zangs is in long-run equilibrium. Then the demand for zangs increases permanently. As a result, firms in the industry will ________. Some firms will ________ the industry, and the industry...
This homework assignment compares a competitive market with a monopolistic market. The market demand curve is...
This homework assignment compares a competitive market with a monopolistic market. The market demand curve is P 122-¼Q. For each firm, marginal oosts are 20 + qi50 and fixed costs are 1 00. We assume first that the market is competitive. Module 8explains the competitive pricing procedure. Wederive the long-run price from the firms' cost curve competitive firms price at long-run minimum average costs. Question: Why is this relation true? Answer: Decreasing marginal utility implies an upward sloping marginal cost...
In the long run, all of the firms in a perfectly competitive industry will: produce an...
In the long run, all of the firms in a perfectly competitive industry will: produce an output level at which price is greater than average total cost. earn an economic profit greater than zero. produce at an output level at which average total cost equals marginal cost. exit the industry if price is greater than average total cost.
A monopolistic competitor in long-run equilibrium is like a perfect competitor in that A. zero economic...
A monopolistic competitor in long-run equilibrium is like a perfect competitor in that A. zero economic profits are made. B. price equals marginal cost. C. both produce at the minimum points of their average total cost curves. D. price is greater than marginal cost.
For a perfectly competitive industry in the long run, which of the following is false?
Questions are referring to No. 5-18For a perfectly competitive industry in the long run, which of the following is false? Price equals average total cost. Average total cost equals marginal cost. Average fixed cost equals price Average total cost is at its minimum O O O There is allocative efficiency.
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic...
33. In the long run, firms in a monopolistically competitive market structure a. earn zero economic profit. b. produce an output level where price = marginal cost. c. do not produce output at minimum average cost. d. produce an output level where marginal revenue = marginal cost. e. a, c, and d are true 34. Externalities a. never occur when markets are perfectly competitive. b. are fully reflected in market prices. c. are reflected in the final price of goods...
Profits will always be maximized when total revenue equals total cost =T or F If marginal...
Profits will always be maximized when total revenue equals total cost =T or F If marginal revenue for an extra unit is positive, then selling the extra unit causes total revenue to rise. T or F Given a downward-sloping demand curve and positive marginal costs, profit-maximizing firms will always sell less output at higher prices than will revenue-maximizing firms. T or F Marginal profit is the difference between marginal revenue and marginal cost, and will always equal zero at the...
In the long run, all of the firms in a perfectly competitive industry will: exit the industry if price is greater than average total cost. produce at an output level at which average total cost equals marginal cost. earn an economic profit greater than zero. O produce an output level at which price is greater than average total cost. Which statement about the differences between monopoly and perfect competition is INCORRECT? A monopoly will charge a higher price and produce...
This homework assignment compares a competitive market with a monopolistic market. The market demand curve is P 122-¼Q. For each firm, marginal oosts are 20 + qi50 and fixed costs are 1 00. We assume first that the market is competitive. Module 8explains the competitive pricing procedure. Wederive the long-run price from the firms' cost curve competitive firms price at long-run minimum average costs. Question: Why is this relation true? Answer: Decreasing marginal utility implies an upward sloping marginal cost...
In the long run, all of the firms in a perfectly competitive industry will: produce an output level at which price is greater than average total cost. earn an economic profit greater than zero. produce at an output level at which average total cost equals marginal cost. exit the industry if price is greater than average total cost.
Questions are referring to No. 5-18For a perfectly competitive industry in the long run, which of the following is false? Price equals average total cost. Average total cost equals marginal cost. Average fixed cost equals price Average total cost is at its minimum O O O There is allocative efficiency.
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago