The market allows free entry and exit. There are many potential entrepreneurs operating in this market with the identical marginal cost at 1 where P = 13-Z where Z is total supply from many firms. What would be the market price and the consumer surplus?

For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 90 - and the supply curve p = 50+, find the consumer surplus and the producer surplus. 10 consumer surplus $ producer surplus $ Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. P 100 80 60 40 20 P 120 100 80 60 Producer Surplus Consumer Surplus 100 200 300 Producer Surplus DO P 100 80 60 40 20 P 120 100 80 60 Consumer Surplus Producer Surplus 100 200 300 Consumer Surplus →

Consider a firm that produces glass. Glass production involves melting sand, soda ash, and limestone at a very high temperature. Consider the following factors that a glass manufacturer faces, and determine whether each represents a technological constraint or a market constraint: Items (7 items) (Drag and drop into the appropriate area below) No more items   Categories Market constraint   Hourly wage of workers in the industry   The number of other firms selling similar products   The number of buyers in the market   Cost per pound of limestone   Cost per pound of sand   Cost per hour of keeping the furnace at the required temperature Technology constraint   Maximum amount of output per hour that can be produced

Suppose a perfectly competitive market with 5 firms in the market. Each firm has supply characterized by P(q)=MC(q)=2+q/2. If 160 units were transacted in total, what was the market price?