A perfectly competitive firm will be interested in producing a positive output only when the price of its product exceeds its ______. a. AFCmin b. AVCmin c.MCmin d.ATCmin
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A
a. AFCmin
b. AVCmin
c.MCmin
d.ATCmin
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- A new korean restaurant opens in a city. People are initially cautious about eating newfood items, until an influential health report warns consumers against korean foodsuggest that they decrease their consumption of Korean foods. As a result, demand forKorean cuisine decreases dramatically.Assuming that the market for Korean food is perfectly competitive, answer thequestions below.a. In the story above, what should have happened to the short-run economic loss of theKorean restaurant as a result of the health report?b. Assuming that demand remains low, what do you anticipate will happen to thenumber of korean restaurants in the city over the long run?c. Would you predict that the first korean restaurant would be able to still running inloss over the long run? Explain your answer.d. Using one graph of the market as a whole and one graph of a representative firm'scost curves, illustrate your answers to parts a - c. (Draw diagram of a, b and c and labelyour diagram).e. Local…A new korean restaurant opens in a city. People are initially cautious about eating newfood items, until an influential health report warns consumers against korean foodsuggest that they decrease their consumption of Korean foods. As a result, demand forKorean cuisine decreases dramatically.Assuming that the market for Korean food is perfectly competitive, answer thequestions below.a. In the story above, what should have happened to the short-run economic loss of theKorean restaurant as a result of the health report?What happens when more and more firms enter an industry? a) Decline in economic profits b) An increase in the accounting profits c) An increase in price d) A decline in production Answer A В D
- Draw a diagram for a perfectly competitive industry with firms earning normalprofits in the long run. Assume that all firms in the industry use oil as key inputs.Using an appropriate diagram, illustrate an increase in the price of inputs. Will firmlevel profits increase or decrease and will market supply increase or decrease?When will a firm enter a competitive market?The market for fertilizer is perfectly competitive.Firms in the market are producing output but arecurrently incurring economic losses.a. How does the price of fertilizer compare to theaverage total cost, the average variable cost, andthe marginal cost of producing fertilizer?b. Draw two graphs, side by side, illustrating thepresent situation for the typical firm and for themarket.c. Assuming there is no change in either demand orthe firms’ cost curves, explain what will happenin the long run to the price of fertilizer, marginalcost, average total cost, the quantity supplied byeach firm, and the total quantity supplied to themarket.
- You witnessed new firms entering a competitive market. What can you infer for the existing firms in that market?Answer please it's urgent 1) What are the characteristic that a firm faces in a perfectly competitive market? 2) What methods would they employ to maximize profits?Q Consider a perfectly competitive firm in long-run equilibrium. Prices of variable inputs increase. Before the firm adjusts to the price increases, which of the following will be true? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a b C Question 16 The firm will be producing too much for allocative efficiency. The firm will be producing just the right amount for allocative efficiency. It is technical efficiency that has changed. The firm will be producing too little for allocative efficiency.
- List the characteristics needed for a perfectly competitive market. Provide a simple explanation of each - your explanation should explain how does that characteristic enable a perfectly competitive firm to form/exisit.Suppose, at a given point in time, Stephanie's Soda Fountain sells ice cream in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost of producing ice cream is $3.30, average variable cost is $2.50, and marginal cost is $3.50. Over time, Stephanie's output of ice cream will everything else held constant. Select one: OA. decrease OB. remain unchanged OC. increaseWhat are the Characteristics of a Purely Competitive Market?
