32. In the short run a purely competitive seller will close down if: a. It cannot produce at an economic profit b. Price is less than average variable cost at all outputs c. Price is less than average fixed cost at all outputs d. There is no point at which marginal revenue and marginal cost are equal e. Price falls short of average total cost at all possible outputs

​Which of the following statements is true ?     A. ​A firm should increase quantity as long as price is higher than average cost, regardless of the marginal cost   ​B. A firm should increase quantity as long as price is greater than marginal cost   C. A firm should increase quantity as long as average cost is greater than price​   ​D. A firm should increase quantity as long as marginal cost is greater than price

Suppose that each firm in a competitive industry has the following costs: Total Cost: TC = 50+ 1/2q² Marginal Cost: MC = q where 9 is an individual firm's quantity produced. The market demand curve for this product is: Demand D = 160 - 4P where P is the price and is the total quantity of the good. Each firm's fixed cost is $ What is each firm's variable cost? 50+ 1/1/19 19² 1 29

A firm facing a perfectly price elastic demand curve, ceteris paribusA. can sell all it produces only by lowering its price below the market price.B. can raise its price and not lose all its customers.C. will sell the same amount regardless if it raises or lowers the price it charges.D. will have zero quantity demanded if it raises its price above the market price

29. In the long run, a profit maximizing firm will choose to exit a market when a. fixei costs exceed total costs O totai revenue from production is less than total costs c average fixed cost is rising d. marginal cost exceeds marginal revenue at the current level of production

Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: 20 MC 18 16 14 12 ATC 10 8 7 4 1 3 4 5 6 7 8 9 10 QUANTITY Refer to Figure 14-2. If the market price is $10, what is the firm's total revenue? a. $35 b. $30 C. $15 d. $50 PRICE

(Figure: Maximum Profit in Perfect Competition 3) Price and Costs $16 B 0 A) C. D In the figure, profit is maximized at point: B. A. D. IC Questions Filter (35) B D MC MR-P ATC 9 Quantity I

a. Find total revenues and marginal revenues for each of the quantities. b. What quantity of CDs would maximize profit? What would the price be? 2.) Charlies's lawn-mowing service is a profit-maximizing.competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Charlies's short-run decision regarding shutdown and his long-run decision regarding exit?

NEED HELP! I am absolutely bad at graphs I need help with A through F and can you please explain.  Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown. a. A perfectly competitive firm showing a profitb. A perfectly competitive firm showing a loss but not a shut-downc. A perfectly competitive firm at a break-even pointd. A monopolist showing a profite. A monopolist showing a loss but not a shut-downf. A monopolist at a break-even pointg. Difference between a monopolist and a perfectly competitive firm for a profit situation on the same graph space.

At its current level of production a profit-maximizing firm in a competitive market receives $15 for each unit it produces, and faces an average cost of $10. At the market price of $15, the firm’s marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. A. Draw a diagram that depicts the typical firm in this market. B. What is the firm’s current profit? C. What changes are likely to occur in this market and why?