When a firm makes profit, this sends a signal to others. More competitors would enter the business, increasing supply and driving prices O positive economic profit; up O positive economic profit; down O normal profit; down O positive accounting profit: down

I need help in these questions. Please I have 30 minutes only, Answer the questions correctly and do not make any mistake.

Perfect competition an efficient outcome because O A. achieves; total surplus is maximized O B. achieves; marginal benefit equals marginal cost OC. does not achieve; firms do not get to choose their price O D. does not achieve; firms produce goods with perfect substitutes O E. Both A and B are correct.

You own a firm in a perfectly competitive industry producing and selling gold recklaces. You know your costs (see table below) and the set market price $100. TC TFC TVC MC 150 100 50 50 170 100 70 20 200 100 100 30 250 100 150 50 350 100 250 100 500 100 400 150 700 100 600 200 8. 1000 100 900 300 What is profit at the profit maximizing quantity? O Profit 0 O Profit 500 O Profit 150 O Profit 50

In a perfectly competitive market, there are firms, all selling products. Select one: O a several large; differentiated O b. several large; nearly identical O c. many small; differentiated O d. many small; nearly identical

Refer to the diagram to the right. Suppose the firm is currently producing Q, units. What happens if it expands output to Q, units? TC TR O A. It incurs a loss. O B. It will be moving toward its profit maximizing output. Oc. It makes less profit. O D. Its profit increases by the size of the vertical distance df. a 1,000 Qo Q, Q2 Q3 Quantity d...... . ....... Costs and revenue

In perfect competition, what is the relationship between the demand for the firm's output and the market demand? In a perfectly competitive market, the market demand is O A. perfectly elastic; perfectly elastic O B. shown by a downward-sloping curve; perfectly elastic O C. shown by a downward-sloping curve; shown by a downward-sloping curve O D. perfectly elastic; shown by a downward-sloping curve and the demand faced by the individual firm is C

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4. The demand for an individual firm's output depends on the demand for the industry's output, the number of firms in the industry, and the structure of the industry. O a. True Ob. False

Economic profits may result from:   O a. innovation   b.risk taking   Oc. exploiting market inefficiencies   Od. all the above   O e. a and b