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Show a firm that is earning zero economic profits, but has some market power.
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- When P < ATC in the long run, a perfectly competitive firm experiences economic profit and new firms will enter the market. True or False True FalseThe profit maximizing output level for this firm isSleek Sneakers Co. is one of many firms in the market for shoes. Show the effect that positive profits has on the demand curve faced by Sleek in the long run. Price Quantity Demand 中 Demand ?
- In the short run, if a perfectly competitive firm chooses to produce, then its profits are maximized by producing the quantity of output where marginal cost equals marginal revenue. True FalseConsider a perfectly competitive market for wheat in Miami. There are 120 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 50 40 AVC 20 0. 0 5 10 15 20 25 30 35 40 45 50 OUTPUT (Thousands of bushels) 30 10 COST (Cents per bushel)Explain how a firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run.
- In order to maximize profit, the firm will choose to produce where marginal revenue is equal to marginal costPerfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost AVC - Average Variable Cost Refer to the figure above. If this firm decides to operate and is producing the profit-maximizing quantity, then the firm's profit will be: $40 $0 - $40 $240Consider a perfectly competitive market for wheat in San Diego. There are 80 firms in the industry, each of which has the cost curves shown on the following graph: 100 90 MC 80 70 60 ATC 40 30 AVC 20 10 5 10 15 20 25 30 35 40 45 50 QUANTITY OF OUTPUT (Thousands of bushels) COST (Cents per bushel)