11: For parts (1)-(3), suppose the market for hibiscus plants is perfectly competitive and the long-run cost for hibiscus plants for any firm in this market is C(q) = 70g – 20q² + 2q° The market demand for hibiscus plants is given by the function 1 D(p) = 30

Q: Should the firm shut down in the short-run?  Explain in detail why or why not.

A: The decision to shut down a firm in the short run depends on the comparison between the price and…

Q: Will a Perfectly competitive market display productive efficiently? Why or why not?

A: A perfectly competitive market is the one where there are a large number of buyers (consumers) or…

Q: Why will profits for firms in a perfectly competitive industry tend to vanish in the long run? Would…

A: A market will be perfectly competitive when a larger group of suppliers serve identical or…

Q: Which are the most likely to be produced in a perfectly competitive industry?

A: A completely competitive market is one in which all businesses sell the same product and where…

Q: What industry is the closest example you can think of to perfect competition, and why? What are its…

A: The market structure, which has numerous buyers and sellers, is perfect competition. The market…

Q: What type of economic profit can most firms expect to make in the long run? Explain your answer.

A: A market is a place where buying and selling of goods and services takes place.

Q: must each perfectly competitive firm be in equilibrium if the industry is in the long-run…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: When would a seller possibly decide to exit the industry over the long run? What should product…

A:

Q: What type of product by individual firms (none, total, some etc) are in a perfect competition and…

A: Perfect competition is a market structure in which all producers and consumers have complete and…

Q: Will a perfectly competitive market display productive efficiency? Why or why not?

A: Perfect or pure competition is a form of market in which a large number of perfectly informed buyers…

Q: Heloise and Abelard produce letters in a perfectly competitive industry. Heloise is much better at…

A: Let's tackle each problem:a. True. In a perfectly competitive market, each firm will produce up to…

Q: What are the characteristics of a perfectly competitive industry?

A: Perfectly competitive market refers to market where large number of buyers and sellers participate…

Q: How a firm respond to economy profits and economy losses in perfectly competitive market?

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Q: In a perfectly competitive market, how do we go from a short run equilibrium to a long run…

A: A perfect competitive market is one there many firms offer homogenous product to a large group of…

Q: Based on the following graph (which summarizes the demand, marginal revenue, and relevant costs for…

A: A single seller in the market for goods is called a monopoly market. The marginal revenue is the…

Q: Will a perfectly competitive market display allocative efficiency? Why or why not?

A: ANS Allocative Efficiency occurs when the total surplus is maximized. Where the total surplus is…

Q: How does a perfectly competitive firm decide what price to charge?

A: Firms in a perfectly competitive market cannot influence the price as there are large numbers of…

Q: How do perfectly competitive firms make output decisions. Discuss in detail.

A: In a perfectly competitive market structure there exists a large number of buyers and sellers of the…

Q: Do you expect firms in perfectly competitive industries to have high profits in the short run? Why…

A: The perfectly competitive market is a form of market where unlimited no of buyer and seller exist,…

Q: Imagine that the perfectly competitive tuna industry is in long-run equilibrium at a price of $3 per…

A: Equilibrium:In a perfectly competitive market, equilibrium is determined by the intersection of the…

Q: What is pure or perfect competition? Define and discuss.

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Q: an excess profit be earned in perfectly competitive markets in the long run. Explain.

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Q: At what point would a competitive firm shut down in the short run

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Q: equilibrium

A: The equilibrium of the perfectly competitive firm from the equilibrium of the industry is different…

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A: Firms will shut down when their cost exceed revenue and they cannot continue to compete in the…

Q: What are some characteristics of perfect competition?  Is the Banana market a perfect competition?…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: What are the four basic assumptions of perfect competition? Explain in words what they imply for a…

A: A perfect competition market is completely different from other markets as other markets have some…

Q: The vast majority of industries are probably not perfectly competitive. Why then do you suppose…

A: * ANSWER :-  * Perfect competition is the most straightforward industry structure, and it serves as…

Q: Looking around your city, what businesses do you think come closest to the model of a perfectly…

A: Looking around, we see that there are very very few businesses that fit into the description of a…