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- Q1 The price elasticity of demand facing a perfectly competitive firm is... a. Perfectly elastic. b. Elastic. c. Perfectly inelastic. d. Inelastic. e. Unit.For a perfectly competitive firm, a. demand is perfectly elastic. b. producers must lower the price of its product in order to sell additional units of the product. c. price equals marginal revenue only for the first unit of the good produced and sold. d. demand is perfectly inelastic.he price elasticity of demand for any particular perfectly competitive firm's output is.... A. Less than 1. B. Equal to 1. C. Equal to zero . D. Equal to infinite .
- Co Assignment Content 1) When the Price is $4 the quantity supplied of hats is 100. If the price changes to $6 dollars and the quantity supplied changes to 400, is the elasticity of supply elastic, inelastic or unit elastic? How did you reach that conclusion? 2) Why will economic profits for firms in a perfectly competitive industry tend to vanish in the long run? What about accounting AS 12There are several pen manufacturers in Corinthia. However, the pens sold by each manufacturer have a unique design. How will the demand for pens faced by the existing pen manufacturers in Corinthia be affected if new firms enter the industry in the long run? a. The demand curve faced by the existing firms will become perfectly elastic. b. The demand faced by the existing firms will decrease. c. The demand curve faced by the existing firms will become perfectly inelastic. d. The demand faced by the existing firms will increase.Assume that the cost curves in the attached figure apply to all firms in an industry. Then, if the initial price is P1, in the long run:a. Market demand will increaseb. Market demand will fallc. Market supply will growd. Market supply will fall.
- You're a milk company in a highly competitive market. The market price of hay and alfalfa, your cows' favorite food, has recently dropped. Which of the following is likely true? A.The price elasticity of demand for your milk decreases B. You can charge a higher price for milk C. Your company's demand curve has fallen D. Your shut down point becomes largerIn a competitive market, are market supply curves typically more elastic in the short run or in the long run? Explain within 40 words.Consider a firm in a perfectly competitive market. If this firm were to raise its price, its a. revenue would fall dramatically b. profits would increase as long as costs remained constant C. total costs would increase revenue would increase only if market demand were inelastic e. revenue would decrease only if market demand were elastic
- A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold? Microeconomics - MankiwChoose the words which correctly fill in the blanks in the following statement: "A firm which is a price-naker faces a demand curve and charges a price which is a. Perfectly inelastic; equal to b.Perfectly elastic; equal to OC. Downward-sloping; greater than d. Downward-sloping; equal to3. What is the meaning of ‘acceptable loss’ for a perfectly competitive firm ?Draw a graph and explain. 4. How can we increase the Total Revenue of products by using elasticity ?Explain them briefly.