1 answer

QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost...

Question:

QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC a* PRICE a QQUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUAN

QUESTION 22 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: A AVC PRICE MC QUANTI

QUESTION 25 Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: MC PRICE ATC 1 2 3 7

QUESTION 21 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: AVC " a"* PRICE " a QQ: QQQ QUANTITY Refer to Figure 14-3. Firms would be encouraged to enter this market for all prices that exceed a. P1 b.P4 c. P2 d. P3- OOOO
QUESTION 20 Figure 14-1 Suppose that a firm in a competitive market has the following cost curves: PRICE ----- 1 4 5 2 3 QUANTITY Refer to Figure 14-1. The firm's short-run supply curve is its marginal cost curve above a. $3. b. $2. c. $1. d. $6.5.
QUESTION 22 Figure 14-3 Suppose a firm operating in a competitive market has the following cost curves: A AVC PRICE MC QUANTITY Refer to Figure 14-3. In the short run, if the market price is P 4, individual firms in a competitive industry will earn a. positive profits. b. losses but will remain in business. C. zero profits. d. losses and will shut down
QUESTION 25 Figure 14-2 Suppose a firm operating in a competitive market has the following cost curves: MC PRICE ATC 1 2 3 7 8 9 10 4 5 6 QUANTITY Refer to Figure 14-2. The firm will earn zero economic profit if the market price is a. $7. b. SO. c. $10. O d. 56.

Answers

21.

A firm will enter only when it can earn a positive economic profit

A firm will make profits when price is above minimum ATC

Here minimum ATC = P4

So correct option is b. P4

20

Firm's short run supply curve is its marginal short run supply curve above minimum AVC

Here minimum AVC = 3

So correct option is a. 3

22

at price P4, market price = minimum ATC, so firm will make zero economic profit

So correct option is c. Zero profits

25

Firm will have zero economic profit when P = ATC

Here P = ATC = 6

So correct option is d. 6

.

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