Assuming that the competitive firm's output is doubled then what will happen to the firm's total revenue? (a) More than doubles (b) Less than doubles (c) Doubles (d) Cannot be determined because the price of the good may rise or fall.

​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

Market failure is a situation in which OO negative economic profits persist in the long run. negative economic profits exist in the short run. the market does not provide the ideal or optimal amount of a particular good. both a and b a, b, and c

1. Price and output in a competitive price-searcher market Consider a price-searching firm, Sean's Fire Engines, which sells fire engines in the fictional country of Pyrotania. Initially, Sean's produced six fire engines but then decided to increase production to seven fire engines. The following graph shows the demand curve the firm faces. To sell the additional engine, Sean's must lower its price from $100,000 to $50,000 per engine. (Hint: Sean's Fire Engines gains revenue from the additional engine it sells, but it also loses revenue from the initial six engines because it sells them all at the lower price.) On the following graph, use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial six engines by selling at $50,000 rather than $100,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $50,000. re engine) 250 225 200 Q Search Revenue Lost Col