Pick ALL assumptions that need to be held to ensure a perfecly elastic long-run supply curve for corn in the com industry. The supply curve has unit elasticity. The same technology is available to all firms. The marginal cost is greater than the average total cost at every quantity level. Input prices do not change as the industry expands. There are no barriers to entry or exit in the industry.

Long-run market supply curves are downward sloping if Group of answer choices All of these. input prices fall as the industry expands. firms are identical. the number of firms is restricted in the long run.

In a perfectly competitive market:   marginal costs will be less than average costs.   all firms will produce an equal amount of output.   market price will equal the total cost of production.   total industry costs of production are minimized.

If a firm's average variable cost curve decreases when the firm increases its output, then the firm is below the shutdown/operate output level. True or False

Consider our discussion on technological change. Assume for the moment that 3D printers become as cost effective as injection molding. In the long run, how does this impact firms, the industry, consumers and society? Part a) Consider the change in minimum effective scale (MES) Part b) How would the industry change Part c) How would benefit, who would be hurt?

A profit-maximizing firm in the short run will expand output until marginal cost begins to rise until total revenue equals total cost until marginal cost equals average variable cost as long as marginal revenue is greater than marginal cost

Determining the Effect of Taxes on a Market Suppose all firms in a constant cost industry have identical costs of C(q)=5q²+6q+20. The market demand is Qo=256 – 2p. (a) Find the long-run equilibrium: Q*, q*, p*, and N*. (b) Suppose the government restricts the market to 41 firms. To do so, firms are required to get i permit to operate, but only 41 permits are issued in total. Find the equilibrium price and quantity. (c) Suppose instead of permits, the government simply charges all firms a fixed fee to operate of F=60. What is the resulting equilibrium price, quantity, and number of firms?

In the short run, a firm will produce a positive amount of output as long as _____ Group of answer choices price exceeds average variable cost. price is less than average variable cost. fixed cost exceeds total revenue. price exceeds marginal cost. average variable cost is less than average total cost.

A manufacturer of electric switches in a competitive industry has a fixedmonthly cost of $50,000, total monthly variable cost $100,000, and marginalcost of $5. What is the profit if the monthly production is 100,000 units?Assuming that prices of switches fluctuate from month to month, what is the lowest price the manufacturer can accept in order to stay in business in the long run and in the short run. Will those prices be the same?  Show detail work