PriceP₁P2PsPAMCATCAVCIf the short-run price isA) P1; break evenQuantity, the perfectly competitive firm willB) P2; earn negative economic profitC) P3; earn positive economic profitD) P1; earn positive economic profitE) p4; break even The figure below plots a histogram of ages for Olympic athletes. What are ways that this plot couldbe improved: Mark all that apply.count20000-15000-10000-5000-0-202040age_of_athleteDo a scatter plot instead of a histogram to more effectively portray the informationChange X-axis labelAdd a titleCapitalize Y-axis label8060

Perfect competition is the type of competition the market faces where a large number of firms exist…

Price P₁ P2 Pa Pa If the short-run price is A) P1; break even B) P2; earn negative economic profit C) P3; earn positive economic profit D) P1; earn positive economic profit E) p4; break even Quantity MC AVC the perfectly competitive firm will ATC

Price P₁ P2 Pa Pa If the short-run price is A) P1; break even B) P2; earn negative economic profit C) P3; earn positive economic profit D) P1; earn positive economic profit E) p4; break even Quantity MC AVC the perfectly competitive firm will ATC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Price
P₁
P2
Ps
PA
MC
ATC
AVC
If the short-run price is
A) P1; break even
Quantity
, the perfectly competitive firm will
B) P2; earn negative economic profit
C) P3; earn positive economic profit
D) P1; earn positive economic profit
E) p4; break even

The figure below plots a histogram of ages for Olympic athletes. What are ways that this plot could
be improved: Mark all that apply.
count
20000-
15000-
10000-
5000-
0-
20
20
40
age_of_athlete
Do a scatter plot instead of a histogram to more effectively portray the information
Change X-axis label
Add a title
Capitalize Y-axis label
80
60

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Step 1: Define Perfect competition.

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