Assume the firms in a perfectly competitive market are initially incurring economic losses. An increase in supply would cause existing firms' economic losses to decrease.  True OR False?

All the supply of peppermint oil is produced from mint plants grown in one county by several competitive growers (the number of growers is not limited). The quality of land in the county varies greatly.  Would you expect the long-run market supply curve to slope upward, downward, or remain constant? Why?

What type of industry has the characteristics where there are many producers, they are able to differentiate their product, the barriers to entry are low, and a firm in the industry has the ability to manipulate price to a certain extent. What type of industry is this? Will this type of industry be able to enjoy profits in the long run? Why? Also is this firm producing at productivity and allocative efficiency? Why?

Answer both parts a and b please. Part a) True or False: In a competetive market, a firm's short run supply curve is sloping upwards due to diminishing returns of the variable input. Explain why. Part b) Are long run supply curves always upward sloping? Explain why or why not with a graph.

Suppose that the perfectly competitive for market for milk is made up of identical firms with long-run total cost functions given by: TC = 4q³-24 q² + 40 q Where, q = litres of milk. Assume that these cost functions are independent of the number of firms in the market and that firms may enter or exist the market freely. If the market demand is : 1. What is the long-run equilibrium price? Number Qd = 6,000 - 120 P 2. What is the quantity produced by each firm? Number 3. What is the number of firms in the industry? Number 4. Suppose that market demand increases to Qd = 11,000 - 157.14 P. What is the new long-run equilibrium number of firms? Number

In a perfectly competitive market, the price of the product is_____ Group of answer choices jointly set after a meeting of all firms in the market independently set by each competing firm set by market supply and demand set by the market leader and then copied by other firms

A product wheat is produced under perfect competitive market structure. The market demand and supply are given by equations below QD = 170, 000, 000 – 10, 000, 000 P QS = 70, 000, 000 + 15, 000, 000 P Find the equilibrium price and quantity. Suppose one firm leaves the market with the supply equation   QS = 1000 + 1000P. Then find new equilibrium price and quantity and interpret your results?

Sleek 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 ?

Answer options: 0, 5, 7, 10, 15, 20, 25, Other

change the questions or use different values? Question 1. In competitive markets, there are many small firms with each firm unable to influence the market price. Suppose company ABX  operates in the wheat market. The company produces and markets wheats at a Price = $20 per container. The firm’s total costs are given as: TC = 50 +2Q + 3Q2 What is the firm’s demand curve? Show it on a graph and label the axes showing P and Q