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19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices--------sufficiently to allow all firms to make a normal profit only.

19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices--------sufficiently to allow all firms to make a normal profit only.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 33CTQ: Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the...
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19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices-------sufficiently to allow all firms to make a normal profit only. MC AC R13 R10 AR = MR E Quantity 1200 a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise Unit revenue and cost
Transcribed Image Text:19. The figure shows the short run conditions of a firm in a perfectly competitive market. In the long run, ------------will ----------the industry so that the market supply curve shifts to the ----------until prices-------sufficiently to allow all firms to make a normal profit only. MC AC R13 R10 AR = MR E Quantity 1200 a) Existing firms, exit, right, drop b) New firms, enter, right, drop c) Existing firms, exit, left, rise d) New firms, enter, left, rise Unit revenue and cost
23. The following table represents the short-run total cost schedule of an energy drink manufacturer. Study the following table, and then answer the question. The average variable cost to the firm when 30 bottles of mineral water are produced is Labour Total cost Output (bottles of mineral water per day (workers per day) (R) 400 1 30 700 80 1 000 3 120 1 300 4 140 1 600 5 150 1900 а. R10 b. R13,33 C. R23,33. d. R30
Transcribed Image Text:23. The following table represents the short-run total cost schedule of an energy drink manufacturer. Study the following table, and then answer the question. The average variable cost to the firm when 30 bottles of mineral water are produced is Labour Total cost Output (bottles of mineral water per day (workers per day) (R) 400 1 30 700 80 1 000 3 120 1 300 4 140 1 600 5 150 1900 а. R10 b. R13,33 C. R23,33. d. R30
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