20) - Google Chrome"mod/quiz/attempt.php?attempt%3=1579003&cmid%3812962&page%3D2em (Academic20-MCATCAVC164.5 10 15 20 25 30 35 40 45 50Quantity (units per day)The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have thsame cost curves and the price equals $16 per unitSelect one:O a. over time, the price will fall as new firms enter the market.O b. over time, firms will leave this market.O c. the market is in its long-run equilibrium.O d. the firm is making zero economic profit.o searchhpPrice and cost (dollars per unit)

A perfect competition is a market structure in which many vendors and buyers are present. In this…

·20아 MC ATC AVC 16 12 8. 5 10 15 2O 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. Price and cost (dollars per unit)

·20아 MC ATC AVC 16 12 8. 5 10 15 2O 25 30 35 40 45 50 Quantity (units per day) The above figure shows the cost curves for a perfectly competitive firm. If all firms in the market have same cost curves and the price equals $16 per unit Select one: O a. over time, the price will fall as new firms enter the market. O b. over time, firms will leave this market. O c. the market is in its long-run equilibrium. O d. the firm is making zero economic profit. Price and cost (dollars per unit)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please also do the graph and the choices for the first blank is 2000, 7500, 8000, 10000 and the choices for the second blank is profit or economic loss thank you!!!
Product Price = Quantity Sold = Explicit Costs Implicit Costs = = $30 5 units $42 $18 Referring to the above table, it can be concluded that: O Economic Costs are $24. O Economic Profit is $210. O Economic Loss is $30. O Economic Profit is $90.
The table below shows cost data for a Aurora Cannabis, which sells marijuana in a perfectly competitive market. If the price of marijuana is $25 an ounce, Aurora will: Output O 1 23 4 5 6 7 Total cost $50 90 120 140 170 210 260 330
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Which of the following best explains why a firm in a competitive price-taker market must take the price determined in the market? The short-run average total costs of firms that are price takers will be constant. O If a price taker increased its price, consumers would buy from other suppliers. O Firms in a price-taker market will have to advertise in order to increase sales. There are no good substitutes for the product supplied by a firm that is a price taker.
abus ules Marginal Marginal Output Revenue Cost se Materials aw-Hill ct 012 $18 $4 $18 $6 $18 $10 3 $18 $18 4 $18 $26 $37 ns Resources 5 $18 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $17, the firm's profit-maximizing level of output would be. p O 1 03 04 02 200m
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Figure shows the cost structure of a firm in a perfectly competitive market. at the market price $30, the break-even output is: Р. $30-- $25 $13 $5 O a. 1,000 O b. 450 O c. 30 O d. 800 450 MC 800 1,000 AT AV
18 IV 16 14 II 12 A P1=MR1 10 8. B Po=MRo 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Quantity Utilize the graph above, which illustrates average fixed costs, average variable costs, average total costs, and marginal costs of production for a firm in a perfectly competitive market, to answer the following question. If the price is P1 what should the firm do? O The firm should shut down in the short-run because price is below AVC. In the long-run, they will assess the market conditions to see whether they should reopen for business or exit the market. The firm should decrease production because marginal revenue is greater than marginal cost. Therefore, the firm has not maximized operating profits. O The firm should exit the market because firms will soon enter. This will drive the price below ATC, which will Cost 41