multiple choice firms in perfect competitions will leave the industry if they: 1- suffer short-run losses 2- suffer losses, even if they are covering variable costs in the short run 3- suffer long-run losses 4-earn a normal profit  5- earn a zero economic profit

Q: Under perfect competition a firm will increase output if:      A) marginal cost equals marginal…

A: A perfectly competitive firm takes the price set by the market forces and sells each unit of its…

Q: The profit maximizing condition for a purely competitive firm is when...   Group of answer choices…

A: A perfect competition is a structure of a market in which there are many sellers and buyers. The…

Q: Market power results in companies that and that have compared to perfect competition. O have more…

A: Market power with companies imply that they have the power to influence the prices and output.  In…

Q: Duopoly Market for mechanical pencils can be described by the following demand schedule: Price |…

A: The total cost (TC) is the number of expenditures firms does on the production of goods and…

Q: A firm in perfect competition is producing 42 units of a product. They only produce this one type of…

A: In a perfect competitive market, there are numbers of buyers and sellers, selling identical…

Q: Which characteristic is most indicative of perfect competition? A) High barriers to entry B)…

A: This can be described as a form of market in which no single producer or consumer has the power to…

Q: Above figure shows cost and demand curves facing a profit-maximizing, perfectly competitive firm.…

A: Above figure shows cost and demand curves facing a profit-maximizing, perfectly competitive firm.

Q: Under imperfect competition, a firm's:   Group of answer choices   demand curve lies below its…

A: In economics, when examining the behavior of firms operating in markets characterized by imperfect…

Q: A firm who accepts the price determined by the industry is a price taker firm   True/ False

A: # There are markets such as perfect competitive market, where the firm's can't decide the price of…

Q: The demand curve faced by a company in a market characterized as perfectly competitive Group of…

A: IntroductionPerfect competitive marketIt a market where many numbers of buyers and sellers with…

Q: A profit-maximizing firm in the short run will expand output Multiple Choice   until marginal cost…

A: Profit refers to the difference between the total revenue and the total cost that a seller or…

Q: Refer to the graphs above of perfectly competitive firms. Which of the following statements is…

A: In graph 1, the firm is earning economic profit as price is above the ATC. The profit maximizing…

Q: Find short run industry supply for 60 firms, in perfect competition. Each with TC = 5q + 15q^2 +20…

A: Each firm sells at a point where price is equal to marginal cost  Equilibrium in the market occurs…

Q: In perfect competition, a firm can maximize profit by producing at a quantity where price Is lower…

A: In perfect competition there are large number of firms selling identical goods.

Q: The elimination principle is the idea that profits are eliminated by firms exiting the industry and…

A: The elimination principle is the idea that profits are eliminated by firms exiting the industry and…

Q: Help

A: To determine what would NOT be expected in the long run in the industry depicted, we must understand…

Q: A profit maximizing firm in perfectly competitive market structure has average revenue of 10,…

A: A perfect competition demonstrates a market where infinite number of firms or sellers interplay with…

Q: In the short-run, a firm that is earning negative profit means that they'll shutdown if: -FCTC FC…

A: Perfect competition: A market structure with numerous buyers and sellers of identical products,…

Q: QUESTION 30 Which of the four multiple-choice answers describes a characteristic of a perfectly…

A: A perfectly competitive market is a theoretical economic concept characterized by many buyers and…

Q: Match the characteristic described with the market or markets it applies to by dragging and dropping…

A: A market is defined as a place where the buyers and the sellers interact, sellers sell their produce…

Q: In the long run, a perfectcly competitive firm will    Question 9 options:   a)  charge a price…

A: In perfect competition ,  A firm will produce where the price is equal to marginal cost.  In long…

Q: Which of the following is within the control of the perfect competitor? the selling price none of…

A: In the perfectly competitive market, it can be seen that the firms have very little or no market…

Q: Which of the following is not a characteristic of perfect competition? a) Many buyers and sellers b)…

A: Perfect competition is a theoretical model used in economics to describe a market structure where…

Q: What are the profits or losses when a competitive firm shuts down in the short run? Group of answer…

A: *ANSWER :-  * OPTION (A) is the correct answer.  TFC = TC - TVC  ( It will realize a loss equal to…

Q: In a market with perfect competition, Prices are set by businesses. businesses confronting an…

A: Technically, perfect competition creates a monopoly that enables a business to set any price because…

Q: Which of the following is not a necessary condition for long-run equilibrium under perfect…

A: A market structure known as perfect competition is typified by a large number of firm's offering the…

Q: Which of the following statements accurately explains why profits for firms in a perfectly…

A: The objective of the question is to identify the correct explanation for why profits for firms in a…

Q: Perfect Competition Firm cost equation: TC = 64 + 4Q+Q² Market demand: Q = 696- 4P Solve for how…

A: Perfect competition refers to a market in which there are a large number of buyers and sellers and…

Q: If a firm in a purely competitive firm is charging market equilibrium price of $10, the its marginal…

A: Since the equilibrium price is 10 and in perfect competition the equilibrium is contained at the…

Q: Your business, which has some market power, has the following demand (D), marginal revenue (MR),…

A: The study and analysis of commercial financial concerns using abstract economic ideas and concepts…

Q: Question 10 An increase in demand in an industry prompts new firms to enter the market. When the…

A: An industry is a collection of businesses that are linked by their core business activity.There are…

Q: Multiple Choice b O MC Q ATC er to the diagram for a purely competitive producer. If product price…

A: In perfectly competitive market, firms are price takers. Firms sell identical goods so they do not…

Q: What is the profit maximizing level of output for the firm? How much profit is this firm earning?…

A: Profit maximizing level of output is achieved where price and quantity are equal i.e., in…

Q: 30) Which one of the following is true for a perfectly competitive industry? a) there are many big…

A: The market is the collection of buyers and sellers in which they exchange goods and services in…

Q: In the figure provided below, which perfectly competitive firm (a, b or c) earns economics profits…

A: The distinction between the cash collected from the sale of AN output and therefore the prices of…

Q: Which of the characteristics of perfect competition assures that economic profit will be zero in the…

A: The market is the collection of buyers and sellers. It is the system in which the transaction of…

Q: Identify an industry that enjoys perfect (or nearly perfect) competition. How do the competitors…

A: Perfect Competition is a market situation where there are large number of buyer and seller s dealing…

Q: Profits are maximized at the output at which marginal cost equals marginal revenue. If the market…

A: Each firm operates in the market to earn profit. The firm profit is maximized at the level of output…

Q: tive prof

A: The profit-maximizing choice for a competitive firm would tend to occur at the level of output where…

Q: Which of these would be associated with perfect competition in a market? Question 7 options: a) a…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…