(mod/quiz/attempt.php?attempt=344378&cmid%3=1431273&page=3 ready meals. O d. A 6% rise in consumer income will lead to a 9.0% rise in sales of its ready meals. Given a perfectly competitive firm, which of the following statements are true? Select one or more: O a. In the long run, the firm can make profits greater than normal profit. Ob. Marginal revenue will be less than price. O c. In the short run, the firm can make profits greater than normal profit. O d. In the short run, average cost cannot be greater than price. A firm doubles its inputs and discovers that its output has trebled. The prices of the inputs remain constant. This is an example of:

(mod/quiz/attempt.php?attempt=344378&cmid%3=1431273&page=3 ready meals. O d. A 6% rise in consumer income will lead to a 9.0% rise in sales of its ready meals. Given a perfectly competitive firm, which of the following statements are true? Select one or more: O a. In the long run, the firm can make profits greater than normal profit. Ob. Marginal revenue will be less than price. O c. In the short run, the firm can make profits greater than normal profit. O d. In the short run, average cost cannot be greater than price. A firm doubles its inputs and discovers that its output has trebled. The prices of the inputs remain constant. This is an example of:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If a firm is a price-taker, then Select one: O a. marginal revenue is equal to price O b. the firm can sell as much output as it likes at the market-determined price O c. marginal revenue is equal to total revenue O d. both a and b
The economic profit of a perfectly competitive firm is less than its total revenue equals its total revenue is greater than its total revenue O is less than its total revenue if its supply curve is inelastic and is greater than its total revenue if its supply curve is elastic. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate.
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A9 The characteristics of a "perfectly competitive" market require that there is 1) a large number of firms, 2) producing products that are identical across firms, 3) in an industry where there are no barriers to entry. It's unlikely that any industry accurately reflects these extreme assumptions, but what industries can you think of that do display these characteristics at least to some extent? Try to identify the limits of your example in reflecting "perfect" competition.
Price (S) AB UD A) $(60-C) × 3 Quantity B) $(60-D) x 2 OC) $(60-B) × 5 OD) $(60-B) × 4 O E) $(60 - A) × 5 MC ATC Refer to the figure above, which indicates the short-run cost data for a typical firm in a perfectly competitive industry. If the price faced by a perfectly competitive firm is equal to $60, then this firm will earn profits of......if it maximizes profits. p = $60 AVC
In a perfectly competitive market, each firm has a long-run total cost given by LTC = 100Q - 10Q² + 1/2Q³. What is the market's long-run equilibrium price? 00 O 50 O25 150 4
Because perfectly competitive firms are price takers, a permanent increase in the market demand does not change the price of the product in either the short run or long run. O A. True O B. False
QUESTION 22 What happens if a single firm in a perfectly competitive market raises its price above that charged by other firms? O a. It loses market share O b. Nothing happens because it has loyal customers O c. It goes out of business O d. It makes supernormal profit until other firms follow
Please see attachment and type out the correct answer within 40 to 50 minutes n give proper explanation of each n every option . Will give you thumbs up only for the correct answer.thank you
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
Suppose a perfectly competitive firm is experiencing short run economic losses. The firm will remain in the industry as long as a) marginal revenue equal to marginal cost b) price is greater than its minimum average variable cost O c) total revenue and total cost d) total revenue and average total cost