The term that must take the prevailing market price for its product. refers to a firm operating in a perfectly competitive market price setter business entity price taker trend setter

Consider the perfectly competitive market for sports jackets. The following graph shows the marginal cost ( MCMC ), average total cost ( ATCATC ), and average variable cost ( AVCAVC ) curves for a typical firm in the industry.

Typed plz and asap please provide me a quality solution for better rating and take care of plagiarism also do all or do nothing

Draw and describe a diagram representing the cost curves – MC, AC, and AVC – for a profit-maximizing firm under perfect competition. Show U-shaped AC and AVC curves. Label the breakeven and shut down prices. Also, show a price between the breakeven and shut down prices and explain how the firm decides on its profit-maximizing/loss-minimizing output level at that price and show how the amount of profit or loss can be shown in the diagram.   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Firms in perfect competition earn a positive long run economic profit. True False

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]

Marginal revenue is A) the change in total revenue from a one-unit increase in the quantity sold. B) less than price for a perfectly competitive firm. C) another name for total revenue. D) the economic profit from producing an additional unit of output. E) the change in total cost from producing an additional unit of output.

Why does a firm in perfect competition produce the quantity at which marginal cost equals price? In a perfectly competitive market, the price of a handsaw is $25. When a firm maximizes its profit, it produces 6 handsaws a day. Draw the marginal revenue curve. Label it. Draw the marginal cost curve that illustrates the profit-maximizing output. Label it. Draw a point at the profit-maximizing output and price. A firm produces the quantity at which marginal cost equals price because when marginal cost is greater than price, the firm O A. can increase economic profit by producing 1 less handsaw O B. is maximizing economic profit OC. is at its shutdown point O D. can increase economic profit by producing 1 more handsaw 50- 45- 40- 35 30- 25- 20- 15- 10- 5 0- 0 Price (dollars per handsaw) 10 Quantity (handsaws per day) >>> Draw only the objects specified in the question.

In perfect competition, the marginal revenue curve and the firm's demand curve are identical is always above the firm's demand curve is always below the firm's demand curve is upward sloping

Match the words from the list below to complete the following statement A price taker firm will maximise by changing output, until equals marginal cost. average cost output total revenue marginal revenue marginal cost profit