After the graphs:If there were 20 firms in the market, the short-run equilibrium price of copper would be $___ per pound. At that price, firms in this industry would ________ (earn a positive profit; shut down; earn zero profit; operate at a loss). Therefore, in the long-run, firms would ______ (enter; exit; neither enter nor exit) the copper market.Because you know that competitive firms earn ___ (positive; zero; negative) economic profit in the long-run, you know the long-run equilibrium price must be $___ per pound. From the graph, you can see that this means there will be ___ (10; 20; 30) firms operating in the copper industry in long-run equilibrium.True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. A Course Modules: ECO-261-42 - S X* MindTap - Cengage Learningb My Questions | bartlebyô https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5982812366321327711334359447&elSBN=9780357133606&id=105044...Elle v«CENGAGE MINDTAPQ Search this courseA My HomeHomework (Ch 14)The following diagram shows the market demand for copper.CoursesO Catalog and Study ToolsUse the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You candisregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use theA-ZPartner Offerspurple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) toEE Rental Optionsplot the short-run industry supply curve when there are 30 firms.College Success TipsCareer Success TipsRECOMMENDED FOR YOU8072Supply (10 firms)64Study Hacks56bongoStudent Tips on Balancing48DemandSupply (20 firms)Multiple Finals40Supply (30 firms)Help24Give Feedback168120240360480600720840960 1080 1200QUANTITY (Thousands of pounds)9:07 PMO Type here to searchw3/31/20211PRICE (Dollars per pound) A Course Modules: ECO-261-42 - S X* MindTap - Cengage Learning+8 https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5982812366321327711334359447&elSBN=9780357133606&id=105044...Elle v«CENGAGE MINDTAPQ Search this courseA My HomeHomework (Ch 14)7. Short-run supply and long-run equilibriumCoursesConsider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical andO Catalog and Study Toolsfaces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.A-ZPartner OffersEE Rental OptionsCollege Success TipsCareer Success Tips80RECOMMENDED FOR YOU726456Study HacksbongoATCStudent Tips on BalancingMultiple Finals24HelpAVC16Give FeedbackMC O80481216202428323640QUANTITY (Thousands of pounds)9:06 PMO Type here to searchW3/31/2021COSTS (Dollars per pound)

The competitive market would result in the equilibrium when the price would be equal to the marginal…

Answered: After the graphs: If there were 20…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

After the graphs:

If there were 20 firms in the market, the short-run equilibrium price of copper would be $___ per pound. At that price, firms in this industry would ________ (earn a positive profit; shut down; earn zero profit; operate at a loss). Therefore, in the long-run, firms would ______ (enter; exit; neither enter nor exit) the copper market.

Because you know that competitive firms earn ___ (positive; zero; negative) economic profit in the long-run, you know the long-run equilibrium price must be $___ per pound. From the graph, you can see that this means there will be ___ (10; 20; 30) firms operating in the copper industry in long-run equilibrium.

True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit.

A Course Modules: ECO-261-42 - S X
* MindTap - Cengage Learning
b My Questions | bartleby
ô https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5982812366321327711334359447&elSBN=9780357133606&id=105044...
Elle v
«
CENGAGE MINDTAP
Q Search this course
A My Home
Homework (Ch 14)
The following diagram shows the market demand for copper.
Courses
O Catalog and Study Tools
Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can
disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the
A-Z
Partner Offers
purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to
EE Rental Options
plot the short-run industry supply curve when there are 30 firms.
College Success Tips
Career Success Tips
RECOMMENDED FOR YOU
80
72
Supply (10 firms)
64
Study Hacks
56
bongo
Student Tips on Balancing
48
Demand
Supply (20 firms)
Multiple Finals
40
Supply (30 firms)
Help
24
Give Feedback
16
8
120
240
360
480
600
720
840
960 1080 1200
QUANTITY (Thousands of pounds)
9:07 PM
O Type here to search
w
3/31/2021
1
PRICE (Dollars per pound)

A Course Modules: ECO-261-42 - S X
* MindTap - Cengage Learning
+
8 https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld=5982812366321327711334359447&elSBN=9780357133606&id=105044...
Elle v
«
CENGAGE MINDTAP
Q Search this course
A My Home
Homework (Ch 14)
7. Short-run supply and long-run equilibrium
Courses
Consider the competitive market for copper. Assume that, regardless of how many firms are in the industry, every firm in the industry is identical and
O Catalog and Study Tools
faces the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves shown on the following graph.
A-Z
Partner Offers
EE Rental Options
College Success Tips
Career Success Tips
80
RECOMMENDED FOR YOU
72
64
56
Study Hacks
bongo
ATC
Student Tips on Balancing
Multiple Finals
24
Help
AVC
16
Give Feedback
MC O
8
0
4
8
12
16
20
24
28
32
36
40
QUANTITY (Thousands of pounds)
9:06 PM
O Type here to search
W
3/31/2021
COSTS (Dollars per pound)

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