f market price is greater than the minimum of AVC but below the minimum of AC, then _____. Group of answer choices 1. economic profit is zero 2. revenue covers variable costs and some of the fixed costs, although profit is negative 3. revenue covers variable costs and some of the fixed costs and profit is positive 4. the firm will shut down

Q: What point reflects the price that a monopolist would charge? (letter) A/ What point determines the…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: . Output . The following table shows the costs that a firm in perfect competition (where MR-AR=P)…

A: Meaning of Perfect Competition: The term perfect competition refers to the market under which…

Q: hree part question please answer the following with two screen shots and the question below: The…

A: The following table shows the profit level earned by the firm for each quantity.   quantity TC…

Q: Adidas is one of the high-class sports shoe dealers in Melbourne with the following short run cost…

A: 1) Following are the features of market or Adidas market or shoe market: There are many sellers in…

Q: Table 1 below identifies the average variable cost (CVM), the average fixed cost (CFM) and the…

A: 2.1 Marginal cost: Marginal cost is the cost that is incurred on to the production of an additional…

Q: A firm's short-run demand curve for a resource is also the firm's: average cost curve of the…

A: Marginal Revenue Product : In simple terms, the marginal revenue product of a resource is the…

Q: Price and Cost (dollars) O O 8 OC 76543 2 1 Refer to the graph above. The perfectly competitive,…

A: The point is to determine how much output a perfectly serious, profit-expanding firm will produce in…

Q: Study the table below which represents the cost and price schedules facing a perfectly competitive…

A: Business economics is the study of how organizations make decisions and allocate resources in the…

Q: Price MC 华0 ATC $8 华6 MR 出4 $ 3 * Quontity 10 20 30 40

A: In perfectly competitive market, Price is constant so it is equal to marginal revenue. Firms do not…

Q: d. For each of the first 50 units, does MR exceed MC? (Click to select) Is MR > MC for units 51 and…

A: Marginal revenue measures the change in total revenue due sale of an extra unit of output.  Marginal…

Q: The firm Durham Co. operates in a competitive market because ODurham Co. is one of a few firms and…

A: In competitive market, there are large number of firms in the market

Q: 8.00 5.14 3.00 0 D 57 MC ATC AVC MR 10 15 Quantity (cans per day)

A: Total cost includes all the costs that a firm incurs to produce goods and services. It includes…

Q: If demand is greater than the order quantity, i.e., D > Q, what is the profit formula?

A: Demand is the quantity of a good or a service that consumers are willing and able to purchase at…

Q: Price and costs $30 $25 $20 $17.50 $15 $10 $5 0 $ $4.40 3.25 MR MC 1 2 3 4 5 ATC Quantity…

A: A Perfectly Competitive firm maximizes profit by producing output at a level where Price equals…

Q: Eugenia's Patisserie operates in a perfectly competitive industry. When the market price of cupcakes…

A: Perfectly competitive industry is the  type of market structure where many  small firms produce…

Q: In the short run, a perfectly competitive firm   Question 15 options:   chooses its optimal plant…

A: In perfect competition there are many firms producing identical goods.

Q: Price and cost (dollars) 20 15.75 21 6,000 A B 8,000 SMC 1000 ATC AVC D-MR-$20 Quantity The above…

A: Introduction Perfect competition is a form of market where a large numbers of firms producing the…

Q: Assume that the firm is in perfect competition and the price is $ 80. Find maximum profit? A) $100…

A: Maximum profit in perfect competition market where Marginal Cost is equal to Price so here we find…

Q: The table below shows the total cost (TC) and marginal cost (MC) for Choco Lovers, a purely…

A: Characteristics of a Purely Competitive(PC) Market:Many sellers and purchasers exist in the…

Q: Do not use chatgpt.

A: A perfectly competitive firm to maximize its profit or to minimize it's loss always produce at the…

Q: MC $30 MR ATC AVC 20 15 75 80 100 Output Based on the above graph: 1. At which point the firm gets…

A: Abnormal profits are the supernormal profits which are in excess of normal profits. Normal profits…

Q: 17. A firm in a perfectly competitive industry faces the following long run total cost schedule: 2 4…

A: A perfectly competitive firm produces at P=MC=ATC in long run.  MC cuts ATC at its minimum point.…

Q: 1. A firm sells 150 units of output at a price of $8 each. The economic cost of producing the 150…

A: Economic Profit  An economic profit or loss is the difference between the sales profits from a…

Q: Question 11 A firm that is suffering an economic loss in the short run should continue to operate as…

A: Short run refers to a period of time which is short enough that the firm cannot change its fixed…

Q: Using the graph for the questions : A. There are fixed costs of $50 no matter what the output level…

A: The profits are maximizes profit when the value of the last unit of a good (i.e. marginal revenue)…

Q: Q10. Label and complete the following daily cost schedule for Company A as directed by the question…

A: here we calculate the total cost and average variable cost and average total cost and marginal cost…

Q: Which of the following statements can be drawn from this diagram? a. Point C represents a lower…

A: An isoprofit curve is a graphical representation that shows all the combinations of two factors of…

Q: Part (b) Suppose that you have the following information about a perfectly competitive firm: P Q ATC…

A: P=$8 Q=1000

Q: The figures show the cost curves and the marginal revenue curve of a Perfectly Competitive firm.…

A: Perfect competition is a market structure in which all producers and customers have complete and…

Q: Dollars Multiple Choice O 0 Quantity Curve (2) in the diagram is a purely competitive firm's O (1) O…

A: Introduction  Pure competition is a term that describes a market that has a board range of…

Q: 14) In imperfect competition, firms should produce and sell units until the equals the A) marginal…

A: When talking about imperfectly competitive market, it is the place where firms have incentive to…

Q: The industry (market) demand curve in perfect competition has a perfect competition has a slope.…

A: A perfectly competitive firm is a price taker, which means it takes the price set by the market…

Q: Solve the attachment

A: A perfectly competitive market structure has low barriers to entry and exit. The firms in the…

Q: Price Quantity Total Cost Fixed Cost Variable Cost $10 2000 $24,000 $8000 $16,000 (a) Should this…

A: Here, price, quantity, and different cost information of a firm is given to analyze the short-run…

Q: 1. The following figure shows the marginal cost curve and the average total cost curve of a firm…

A: A market where there are many other firms selling identical or nearly identical products, and no…

Q: - A B C D G H Question 3: Profit Maximization for a Perfectly Competitive Firm (Parts a - g) 3 1 5 6…

A: 1. Total Revenue = Price * Quantity 2. Marginal Revenue is change in total revenue with change in…

Q: 8. Why is the marginal revenue for a firm in perfect competition equal to the market price? 9. The…

A: Perfect competition is a theoretical economic model that represents a market characterized by a high…

Q: The competitive firm maximizes its profit by operating at the point where _____ and price is greater…

A: A competitive firm competes with other firms with the identical products and this firm size is very…

Q: Price, cost of bushel $30 MC 26 22 ATC 18 14 10 Break-even price 2 1 4. 6. Quantity of tomatoes…

A: We are going to find the profit maximizing quantity in case of perfectly competitive market to…

Q: 6 Wheat is being grown and sold at the lowest possible average cost. Which of the following does…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…