A firm in a perfectly competitive market is producing new widgets for £3 and the market price is £4. Is the firm maximising profits? Is the firm making profits or loss?

A firm sells its product in a perfectly competitive market where other firms charge a price of $95 per unit. The firm's total cost are TC-20+5Q+Q². a. How much output should the firm produce in the short run? b. What price should the firm charge in the short run? c. What are the firm's short run profits? d. What do you expect to happen in the long run?

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?

What does zero economic profits in the long-run mean to the owner of a business operating in a perfect competitive market?

Why don't firms in a competitive market have excess capacity in the long run?

Suppose that Nike's Fortnite concert led to a huge spike in economic profit. Why is it likely that this profit would be temporary?

Suppose that the price of corn, a crop produced in a perfectly (or purely) competitive industry, increased 208% last year as demand for corn‑based ethanol fuel increased.   What do you expect to happen in the long run for the corn industry given this recent success?   A. The price per bushel of corn will continue to increase, yielding higher profits. Thus, more firms will enter the market indefinitely. B. Profits will become negative due to overfarming, which will result in the corn farming industry going under. C. Profits will be equal to zero. D. None of the above.   Suppose the firms in the market for bacon, also a perfectly (or purely) competitive industry, experienced losses last quarter due to people becoming increasingly concerned about how high-fat diets negatively impact health.   What do you expect to happen in the long run for the bacon industry?   A. Seeing this as an opportunity to monopolize a fledging industry, firms will enter the industry, shifting…

Glowglobes are produced by identical firms in a perfectly competitivemarket. There are 22 firms in the market. Each firm's Total Cost functionis TC=473+2q+q^2 and Marginal Cost function is MC=2+2q. Marketdemand is Q=485-P. What is the quantity produced by each firm in the short-run?

Crabby Bob’s is a seafood restaurant in a beach resort in Delaware. Crabby Bob’s earns a profit each month from May through September, suffers losses in October, November, and April but remains open, and remains closed from December through March. Given that the restaurant market in this town is perfectly competitive, how would you explain Crabby Bob’s decisions?

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