Fill in the blank. "For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be and beyond that level of output Marginal Cost must be

At what output rate does the firm maximize profit or minimize loss?

a. Why, in perfect competition, is the marginal revenue curve perfectly elastic? b. Why is the marginal cost curve shaped the way it is?

What does zero economic profits in the long-run mean to the owner of a business operating in a perfect competitive market?

In a perfectly competitive market, what is the marginal revenue curve?

Should a company produce more goods when marginal revenue is greater than marginal costs? Explain.

Assume the price of a product in a perfectly competitive firm is $20 and currently it is making minimum loses. What is the marginal cost (MC) and marginal revenue (MR) at this production level?

Lisa lawn company (LLC) is a lawn mowing business in a perfectly competitive market for lawn moving services. The following tables set out Lisa's costs Quantity(lawn per hour) Total Cost(dollars per lawn) 0 $30 1 $40 2 $55 3 $75 4 $100 5 $130 6 $165 A. If the market price is $30 per lawn, How many lawns per hour does Lisa's LLC now? B. If the market price is 30 per lawn, What is Lisa"s profit in the short run? C. if the market price falls to $20 per lawn, how many lawns per hour does Lisa's LLC now? D. if the market price falls to $20 per lawn, what is Lisa's profit in the short run? E. At What market price will Lisa shut down?

Brody's firm produces trumpets in a perfectly competitive market. The table below shows Brody's total variable cost. He has a fixed cost of $240, and the price per trumpet is $60.-Calculate the average total cost of producing 6 trumpets. Show your work. -Calculate the marginal cost of producing the 11th trumpet. -What is Brody's profit-maximizing quantity? Use marginal analysis to explain your answer. -At the profit-maximizing quantity you determined in part (c), calculate Brody's profit or loss. Show your work. -Brody also produces saxophones at a loss in a perfectly competitive market. Draw a correctly labeled graph for Brody's firm showing the following at a market price of $200. -Brody's profit-maximizing quantity of saxophones -Brody's loss, completely shaded   Quantity Total Variable cost 6 $120 7 $145 8 $165 9 $220 10 $290 11 $390

What are transaction costs?  How do transaction costs affect the boundaries of a firm?