čompetitive tirm's short run equilibrium level of output: P=MR=MC=DATC results in the firm earning a normal profit. 17. Firm Short Run Equilibrium occurs at MR= MC. Market Firm Marginal Cost 18. Remember that it is assumed that the firm earns a normal profit. 19. Normal profit is included in ATC. Supply Average Total Cost 20. Thus, when MR=MC=ATC the firm is p earning a normal profit at output q". Demrand= Marginal Revenue 21. Multiple q by the number of firms in the industry will determine market output Q. Derrand Q' q* D 4:32 / 4:38 * YouTube CC 75. In the video, to Determine the level of Q* you must multiple q* by Select one: a. Price of product b. Number of Firms in Market c. Marginal Revenue d. Not Possible
čompetitive tirm's short run equilibrium level of output: P=MR=MC=DATC results in the firm earning a normal profit. 17. Firm Short Run Equilibrium occurs at MR= MC. Market Firm Marginal Cost 18. Remember that it is assumed that the firm earns a normal profit. 19. Normal profit is included in ATC. Supply Average Total Cost 20. Thus, when MR=MC=ATC the firm is p earning a normal profit at output q". Demrand= Marginal Revenue 21. Multiple q by the number of firms in the industry will determine market output Q. Derrand Q' q* D 4:32 / 4:38 * YouTube CC 75. In the video, to Determine the level of Q* you must multiple q* by Select one: a. Price of product b. Number of Firms in Market c. Marginal Revenue d. Not Possible
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![ne competitive firm's short run equilibrium level of output:
P=MR=MC%3DATC results in the firm earning a normal profit.
17. Firm Short Run
Equilibrium occurs at
MR= MC.
Market
Firm
Marginal Cost
18. Remember that it is
assumed that the firm
earns a normal profit.
19. Normal profit is
included in ATC.
Supply
Average Total Cost
20. Thus, when
MR=MC=ATC the firm is p
earning a normal profit
at output q'.
21. Multiple q by the
number of firms in the
industry will determine
market output Q.
Derrend
Marginal Reverue
P
Demand
q*
4:32 / 4:38
* YouTube D
CC
75. In the video, to Determine the level of Q* you must multiple
q* by_
Select one:
a. Price of product
b. Number of Firms in Market
c. Marginal Revenue
d. Not Possible
Check](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3243f7f-4459-49a3-b8f1-08c432ad7adc%2F67f4859e-a896-49f8-827f-3a1ce6d5f2f3%2Fuph8bde_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ne competitive firm's short run equilibrium level of output:
P=MR=MC%3DATC results in the firm earning a normal profit.
17. Firm Short Run
Equilibrium occurs at
MR= MC.
Market
Firm
Marginal Cost
18. Remember that it is
assumed that the firm
earns a normal profit.
19. Normal profit is
included in ATC.
Supply
Average Total Cost
20. Thus, when
MR=MC=ATC the firm is p
earning a normal profit
at output q'.
21. Multiple q by the
number of firms in the
industry will determine
market output Q.
Derrend
Marginal Reverue
P
Demand
q*
4:32 / 4:38
* YouTube D
CC
75. In the video, to Determine the level of Q* you must multiple
q* by_
Select one:
a. Price of product
b. Number of Firms in Market
c. Marginal Revenue
d. Not Possible
Check
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