9. Suppose a perfectly competitive firm is maximizing its profit in the short run. At its profit maximizing quantity, AR < ATC. Compared to the short run, in the long-run there will be firms in the market, and each firm will produce a. more; a smaller b. more; a larger نه خنف C. d. e. fewer; a smaller fewer; a larger fewer; the same quantity.

4. Profit maximization in the cost-curve diagram All- Consider a perfectly competitive market for shirts. The following graph shows the daily cost curves of a firm operating in this market. PRICE Dlars per sht 20 16 12 12 Price (P) 56 34 AD 12 LE OUTPUT(Theunts of art! In the short run, at a market price of 31 per shirt, this firm will choose to produce 12 18 ME ATC AVC Quantity (Q) Pr On the previous graph, use the blue rectangle (dinde symbols) to shade the area representing the firm's economic profit or loss if the market price is $18 and the firm chooses to produce the quantity you already selected. Tool tip: Mouse over the shaded region on the graph to see its area. The area of this rectangle indicates that the firm would have Chow Al For each price in the following table, calculate the firm's optimal quantity of units produced and determine the economic profit or loss if it produces at that quantity. Use the data from the previous graph to identify its total variable cost. Assume…

Wheat is produced in a perfectly competitive market. Market demand for wheat increases. This will cause the individual wheat farmer's marqinal revenue to maximizing level of output to and their profit- O a. decrease; increase O b. decrease; decrease O c. increase; increase d. increase: decrease

I need help with econ multiple hw questions asap! 60) When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00. What would be the firm’s total revenue when it produces 8 units of output?  A. $64.00  B. $48.00  C. $6.00  D. $4.80 59) The competitive firm’s long-run supply curve is that portion of the marginal-cost curve that lies above which average cost?    A. sunk cost  B. total cost  C. variable cost  D. fixed cost