An effective ceiling price will O A. induce new firms to enter the industry O B. result in a product surplus O C. result in a product shortage D. clear the market
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- Alex's Fire Engines is the sole seller of fire engines in the fictional country of Pyrotania. Initially, Alex produced eight fire engines, but he has decided to increase production to nine fire engines. The following graph shows the demand curve Alex faces. As you can see, to sell the additional engine, Alex must lower his price from $80,000 to $40,000 per fire engine. Note that while Alex gains revenue from the additional engine he sells, he also loses revenue from the initial eight engines because he sells them all at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. RICE (Thousands of dollars per fire engine) 78°F Sunny 200 180 F1 160 140 120 100 80 60 40 F2 -0- F3 0+ F4 Demand F5 Revenue Lost Revenue Gained OL…36. In alperfectly competitive market which of the following shifts in the supply.curye and demand curves will definitely cause both the equilibrium price and quantity to decrease? Supply eurve Demand curve Shifts to the left a. b. No shift Shifts to the right C. d. No shift No shift Shifts to the right Shifts to the right Shifts to the leftfr
- fstQUESTION 17 The table provided below represents the market demand for pens. There are no fixed costs associated with procurement of pens and the marginal cost of each pan is $2.50. 0 0 0 Calculate the total revenue for a price of $4.00 O a. $17.50 Ob $28.00 O $2.50 Od $10.00Supply Curve A $8.00 $10.00 750 Supply Curve B Osupply curve C Price Quantity 450 Supplied Refer to the Table. Which of the three supply curves represents perfectly elastic supply? $8.00 750 Supply Curve C $12.00 $14.00 450 750 $10.00 1050 None of the three supply curves represents perfectly elastic supply. O supply curve A O supply curve B
- Typed and correct answer please. I ll rate accordingly. Please do c31) What is total fixed cost at the profit-maximizing quantity? 32) When the process of entry and exit has ended in a competitive market, are firms’ profits positive, negative, or zero? Why is this true? 33) When a single firm can supply a good or service to an entire market at a lower cost than could two or more firms, the industry is known as a?is the measure of the way suppliers respond to a change in 2 points price. * O The marginal product of labor Ceteris Paribus Elasticity of supply The market supply curve A producer's profits are maximized when marginal cost .. 2 points Are equal to fixed costs minus variable costs OAre less than marginal revenue Result in decreasing marginal revenue OAre equal to marginal revenue or emplovee is
- Suisnou 1o sni .an increase in the producer surplus in the housing market .d O A price ceiling makes it illegal to charge a higher price than the specified price :choose one true O Error O price floor results in a surplus if the floor price is higher than the equilibrium priceCan you asnswer please?At quantities less than equilibrium in a market, exceeds O quantity demanded; quantity supplied O demand; supply marginal benefit; marginal cost O selling price; buying price