You are the manager of a taco truck that is in a perfectly competitive industry comprised if identical firms. The cost of taco ingredients increases form $15 to $20 per hundred pounds. a. In the short run, how do you respond to the increases in the price of ingredients? b. Describe the long-run adjustments that take place in the market place. c. What long-run decisions will you make as the manager of your firm?

If a firm in a perfectly competitive industry experiences persistent​ losses, in the long run it should   A. exit the industry.   B. continue to operate if it can raise the demand for its product through advertising and quality improvements.   C. shut down temporarily and wait for market conditions to change.   D. raise its price to cover average total cost.

Marginal Revenue, Marginal Cost, Marginal Profit: MR=MC MC Marginal Profit 0 quantity (firm) 3:57 / 4:19 YouTube E} CC 74. In the video, when MC > MR, what action should the firm take to Maximize Profit. Select one: a. Increase Price b. Decrease Quantity c. Decrease Price d. Increase Quantity Check Costs & Revenues

Columbia’s coffee producers operate as if they are in a perfectly competitive industry. Which statement is most likely to be true? In Columbia,   A.there is one state owned entity that produces all coffee in the country.   B.there are hundreds of thousands of individually owned coffee farms, all producing the same type of coffee.   C.there are a few large coffee farms that dominate the market.   D.there are numerous coffee farms, each producing a unique variety of coffee bean that is distinct from the product of their competitors.

Use the graph above for question one assuming it represents the cost of a perfectly competitive firm where the market price is eight dollars A. calculate the profit maximizing point a production B. calculate the total revenue C. calculate the total cost D. calculate the total profit and E. will this firm shut down or continue in the short run explain how you know

There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through   economies of scale government protection control of an important input . b. ABC’s market power   does does not guarantee that the firm makes an economic profit.

NEED HELP! I am absolutely bad at graphs I need help with A through F and can you please explain.  Draw the MR, MC, AVC, ATC, Demand, supply, MC and MR for the following situations. For each of these situations show the total revenue, total cost area, and shade the profit or loss area, and if the situation is a shut down state why it should shutdown. a. A perfectly competitive firm showing a profitb. A perfectly competitive firm showing a loss but not a shut-downc. A perfectly competitive firm at a break-even pointd. A monopolist showing a profite. A monopolist showing a loss but not a shut-downf. A monopolist at a break-even pointg. Difference between a monopolist and a perfectly competitive firm for a profit situation on the same graph space.

Show all the work clear handwriting  Suppose the market price of a good is $20 and TC=0.5Q2. A.   What Q should a profit maximizing perfectly competitive firm choose? B.   What are profits?   C.  Draw a graph that shows the short run choice of Q, revenue and profits.

Identify an industry that enjoys perfect (or nearly perfect) competition. How do the competitors interact with each other and suppliers and customers?

My answer was wrong can I be shown explained what the right answer is?