An increase in the market supply of a product sold in a perfectly competitive market will have what impact on the price charged by an individual firm in that market? a. the price charged by an individual firm will deacrease b. the price charged by an individual firm will increase c. it will have no impact on the price charged by an individual firm

Please answer sections a-e attached.

Show all the work clear handwriting  Suppose the market price of a good is $20 and TC=0.5Q2. A.   What Q should a profit maximizing perfectly competitive firm choose? B.   What are profits?   C.  Draw a graph that shows the short run choice of Q, revenue and profits.

9.7. A producer operating in a perfectly competitive market has chosen his output level to maximize profit. At that output, his revenue and costs are as follows: Revenue Variable costs $200 $120 $60 Sunk fixed costs Nonsunk fixed costs $40 Calculate his producer surplus and his profits. Which (if either) of these should he use to determine whether he should exit the market in the short run? Briefly explain. 9.8. Dave's Fresh Catfish is a northern Mississippi farm that operates in the perfectly competitive catfish farming industry. Dave's short-run total cost curve is STC(Q) = 400 + 2Q + 0.5Q², where Q is the number of catfish harvested per month. The corresponding short-run marginal cost curve is SMC(Q)=2+ Q. All of the fixed costs are sunk. a. What is the equation for the average variable cost (AVC)? b. What is the minimum level of average variable costs? c. What is Dave's short-run supply curve?

Use the following data to analyze the condition when the product price is set at $56.  A. How much would be the total revenue?  B. What will be the profit-maximizing or loss-minimizing output?  C. How much would be the total cost?

A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm’s product is $150.             Output                FC                   VC               TC             TR       Profit/Loss                0                 $100                       $    0            ___             ___       ___                1                     100                     100               ___             ___             ___                2                     100                      180               ___             ___             ___                3                     100                        300               ___             ___             ___               4                     100                         440               ___             ___             ___               5                     100                         600               ___             ___             ___               6                     100…

60. In a perfectly competitive market, which of the following will increase the economic profit the firms make in the short run? A. an increase in labor costs B. a decrease in market demand C. an increase in market demand D. an increase in the number of firms

The figures below show (on the left) two possible demand curves and (on the right) two possible supply curves in the perfectly competitive hamburger market. Price per hamburger 0 A B D₂ D₁ Hamburgers per month Price per hamburger 0 Select one: a. Movement along D₁ from Point A to Point B. b. Demand shifts from D₁ to D₂. F c. Movement along S₁ from Point F to Point G. d. Demand shifts from D₂ to D₁. G Hamburgers per month Assume that people consume either hamburgers or hot dogs. What will be the result of a decrease in the price of hot dogs? Hint: Are hamburgers and hotdogs complements or substitutes? S₂ S₁

What is a price​ taker? A price taker is   A. a firm with a perfectly inelastic demand curve.   B. a firm that has the ability to charge a price greater than marginal cost.   C. a firm that is unable to affect the market price.   D. a firm that does not seek to maximize profits.   E. a firm with a​ downward-sloping demand curve. When are firms likely to be price​ takers? A firm is likely to be a price taker when   A. it has market power.   B. firms in the industry collude.   C. it sells a differentiated product.   D. it represents a small fraction of the total market.   E. barriers to entry are substantial.

What is the correct answer? In pure competition, if the market price of the product is lower than the minimum average total cost of the firms, then A. some firms will enter the industry and the industry supply will increase B. other firms will exit the industry and the industry supply will decrease C. some firms will exit the industry and the industry supply will increase D. other firms will enter the industry and the industry supply will decrease