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- Return to Figure 9.2. Suppose P0 is 10 and P1 is 11. Suppose a new firm with the same LRAC curve as the incumbent tries to bleak into the market by selling 4,000 units of output. Estimate from the graph what the new firms average cost of producing output would be. If the incumbent continues. to produce 6,000 units, how much output would the two films supply to the market? Estimate what would happen to the market price as a result of the supply of both the incumbent firm and the new entrant. Approximately how much profit would each firm earn? Figure 9.2 Economics of Scale and Natural Monoploy.ll touch LTE 10:05 PM O 9 37% O A docs.google.com In a perfectly competitive market, what happens to a firm's profit-maximizing level of output if the price of the product falls? * Because the firm maximizes profit by setting marginal revenue equal to O marginal cost, an increase in the price of the product will reduce the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will not affect the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will reduce the firm's profit-maximizing level of output. Because the firm maximizes profit by setting marginal revenue equal to marginal cost, a decline in the price of the product will increase the firm's profit-maximizing level of output.Use this graph to answer the following question: Average & Marginal Costs OET 120 001 06 08 -Marginal Cost 09 Average Total Cost Average Variable Cost 3. L 9 S Quantity ot 6 8 Assume that this firm is a price taker and the price is $60. What is the profit maximizing quantity produced by this firm? O $9 per unit O7 units O9 units O 8 units
- Listen Price and cost ATC AVC 20 MR N 12 15 14 11 15 18 750 1100 1350 1,800 Quantity The current price is $20. In the short-run, the firm represented in the diagram would exit the market if price fell below: 1,800 uuanuy 750 1,100 1,350 The current price is $20. In the short-run, the firm repres exit the market if price fell below: O 15 O 14 O11 5.What is the marginal revenue gained when one more unit of output is sold? The price at which the extra unit is sold but adds the rise in revenue of the previous units that could have been sold at a higher price O a. O b. The price of the unit of output sold minus the production cost of that unit The price of the unit of output sold O c. Od. The price at which the extra unit is sold but subtracts the drop in revenue of the previous units that could have been sold at a higher priceIn perfect competition, what is the relationship between the demand for the firm's output and the market demand? In a perfectly competitive market, the market demand is O A. perfectly elastic; perfectly elastic O B. shown by a downward-sloping curve; perfectly elastic O C. shown by a downward-sloping curve; shown by a downward-sloping curve O D. perfectly elastic; shown by a downward-sloping curve and the demand faced by the individual firm is C
- Microsoft is the only business that sells Computer Operation System in the world. Assuming that Microsoft is maximizing its profit, which of the following statements is true? Select one : O a. Microsoft prices will be less than marginal cost. O b. Microsott prices will equal marginal cost. O c. Microsoft prices wil be a function of supply and demand and will therefore oscillate around marginal costs. O d. Microsoft prices will be higher than marginal cost.Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: 20 ATC 18 16 AVC 14 13 H 12 6. MC 2 1 2 3 QUANTITY Refer to Figure 14-1. If the market price is $13, the firm will earn O a. positive economic profits in the short run. O b. zero economic profits in the short run. O c. negative economic profits in the short run but remain in business. O d. negative economic profits and shut down.Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: Refer to Figure 14-1. If the market price falls below $6, the firm will earn O a. positive economic profits in the short run. O b. negative economic profits in the short run but remain in business. O c. negative economic profits in the short run and shut down. O d. zero economic profits in the short run. PRICE 20 18 16 14 13 10 8 6 4 2 MC 1 2 3 QUANTITY 4 ATC AVC 5
- QUESTION 15 If a firm decides to exit the market will be paying O a. only the fixed costs but not the variable costs. O b. neither variable costs nor fixed costs. Oc only the variable cost but not the fixed cost. O d. both variable costs as well as fixed costs. QUESTION 16 Which of the following is true for a perfectly competitive firm? O The price of the product is equal to marginal revenue at all times. The price of the product is equal to marginal cost at all times. Marginal cost is equal to marginal cost at all times Total revenue is equal to total cost at all times.In a competitive market with free entry and exit from the market a permanent rise in demand will lead to Select one or more: O a. excess profits being made in the short run (before new firms can enter) O b. entry by new firms O c. a permanent rise in prices O d. normal profits being made in the long-runAssume that restaurants in aiports rent the space that they occupy and that the restaurant industry is competitive. Keeping in mind the concept of economic rent, we know that food prices will be higher at the airport restaurants than at other locations because: O airport restaurants generate larger economic profits than other restaurants at different locations. O the number of potential customers is greater at the airport locations. O the rent paid by the restaurant is higher than the rent paid at other locations. O demand for food at airports is less elastic than at other locations.