if the market price is 16, this firm will   A) produce 4 units of output in the short run and exit in the long run.  B) produce 5 units of output in the short run and exit in the long run.  C) produce 5 units of output in the short run and face competition from new market entrants in the long run.  D) shut down in the short run and exit in the long run.  E) Shut down in the short run and enter in the long run.

Refer to the figure above. When the demand curve is given by P2 = $15, this firm should ______ A. continue to operate in the short run and think about shutting down in the long run B. discontinue operation in the short run since there is a loss when operating. C. keep operating as long as loss is not greater than total cost D. discontinue operation in the short run since average total cost is greater than price.   When the demand is P3 = $10, this firm should ______ A. continue to operate in the short run and think about shutting down in the long run B. discontinue operation in the short run since the firm is unable to cover variable costs. C. keep operating as long as loss is not greater than total cost D. discontinue operation in the short run since average total cost is greater than price.

39) If a perfectly competitive firm operates in the short run but exits the industry in the long run, then the firm's short run condition isA) TR > TVC and TR < TC. B) TR > TC.C) TR < TVC. D) TR < TFC.

Which of the following statements applies to a purely competitive producer? a. it will not advertise its product b. in long-run equilibrium, it will earn an economic profit c. its product will have a brand name that elicits customer loyalty d. its product is slightly different from those of its competitors   [ don't give chatgpt answer]

1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue: 2) A firm that is motivated by self interest should 3) If price is above the equilibrium level, competition among sellers to reduce the resulting 4) Camille&#39;s Creations and Julia&#39;s Jewels both sell beads in a competitive market. If at the market price of $5, both are running out of beads to sell (they can&#39;t keep up with the quantity demanded at that price), then we would expect both Camille&#39;s and Julia&#39;s to 5) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement 6) In a market economy the distribution of output will be determined primarily by 7) In a competitive market economy firms will select the least-cost production technique because 8) Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut…

Suppose, under Perfect Competition, firms are earning an economic profit in the Short-Run. What will happen in the Long-Run? Group of answer choices Firms will enter the industry in the Long-Run There will be no change in the number of firms in the industry in the Long-Run Some firms will exit the industry in the Long-Run There isn’t enough information to determine what will happen in the Long-Run

The canola farming industry is perfectly competitive. Assume that it is in long-run equilibrium at quantity Q0 and price P0. Assume also that it is a constant-cost industry.   a) Draw a supply and demand diagram for the canola market showing this equilibrium b.) draw diagram for a typical canola growing farm in its initial long run equilibrium, showing its Marginal Cost, Average Total Cost, and Long Run Average Cost curves. Are there any profits being made by this firm?

Perfect Competition MC - Marginal Cost MR - Marginal Revenue ATC - Average Total Cost Refer to the figure above. If this firm is producing the profit-maximizing quantity and selling it at the profit-maximizing price, the firm's  total revenue will be:     $240     $90     $60     $180

Camara's lawn-mowing service is a profit-maximizing competitive firm. Camara mows lawn for $27 each. His Total Cost each day is $280, of which $30 is a fixed cost. He mows 10 lawns a day. Camara should exit this market in the long-run but continue to operate in the short-run. O True False

ume the pizza market is a perfectly competitive constant cost industry, and all firms have identical homogenous firms). The market demand and market supply functions for this perfectly competit stry are given below. L 0 1 2 3 4 5 6 7 8 9 q=TP 0 10 20 30 40 50 60 70 80 90 TC 100 205 2.45 280 340 430 545 720 930 1190 P = 30.5-.005Q P = 1.7+.003Q TFC TVC 100 0 100 105 20.50 10.50 100 145 12.25 7.25 100 180 9.33 6.00 100 240 8.50 6.00 100 330 8.60 6.60 100 445 9.08 7.42 100 620 10.29 8.86 100 830 11.63 10.38 100 1090 13.22 12.11 ATC AVC MC 10.50 4.60 3.50 6.00 9.00 11.5 17.50 21.00 26.00