Explain equilibrium of a firm under perfect competition in long run  Explain its output, profit and price with diagram and labelling

Q: Imagine you own a company STR LLC. You produce homogenous and easily available goods. Explain the…

A: Market refers to a place at which buyers and sellers of goods or services comes in contact with each…

Q: In perfect competition, why do firms act as price takers? What happens if they charge a different…

A: In a perfect competitive market, the firm will earn a super normal profit in the short run,…

Q: Using diagrams, explain why a perfect competition firm can only make a normal profit in the long…

A: The perfect competition is the Market where there are large number of buyers and sellers who deals…

Q: Show graphs of perfect competition in 3 situations profitable price, price causing loss and shutdown…

A: Perfect competition is the market in which many sellers and buyers have perfect knowledge of the…

Q: is walmart an example of perfect competition ? Discuss the product they sell, entry and exit to the…

A: Wal-Mart is not the best example of perfect competition. As it can be configured as an oligopoly.…

Q: What are the major characteristics of a firm competing under conditions of perfect competition?

A: The perfect competition is a market structure which is characterized by the presence of a large…

Q: In a two-panel diagram, graphically illustrate a perfect competitive market and firm showing the…

A: Perfect competition Market is the structure of the market where large numbers of buyers and sellers…

Q: Define Perfect Competition in your own words and what are the characteristics of a Perfect…

A: Perfect competition Perfect competition is a market form in which a large number of buyers and…

Q: Which of the following is not necessarily a characteristic of perfect competition? low pricesa large…

A: The implications of perfect competition are as follows: (i) The price is determined by the forces of…

Q: Discuss the long-run benefits of running a firm in perfect competition.

A:

Q: Explain Long run equilibrium for a perfect competition

A: The long-run equilibrium point for a perfectly competitive market is said to have occurred where the…

Q: Explain the short term equilibrium under perfect competition

A: A market structure where there are many buyers and sellers, all offering identical products, with no…

Q: Explain why a fast-food restaurant often displays characteristics of perfect competition.

A: The structure of a market where the consumption or production of goods and services do not tend to…

Q: Why is Perfect Competition an ideal market structure? Please explain

A: In a market, a perfect competition is considered as an ideal market when there is other markets like…

Q: How to calculate profit of loss in perfect competition in short run

A: In the perfect competition; The profit-maximizing condition; MR = MC

Q: What are some characteristics of perfect competition?  Is the Banana market a perfect competition?…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: On x and y axes, draw ATC, AVC, and MC curves and MR curve of a perfectly competitive firm that is…

A: ATC/AC is the average total curve. It is a U shaped curve. AVC is the average variable curve. It is…

Q: In a perfect competitive industry

A: Perfect competition refers to a market structure in which there are a large number of firms who sell…

Q: Explain why a perfectly competitive firm would or would not advertise.

A: Perfect competition refers to the type of market organization in which there are many buyers and…

Q: Explain the concept of Super normal Profit, Normal Profit and Sub Normal Profit in perfect…

A: A market is a place which facilitates the interaction between the producers and the consumers on the…

Q: Identify a perfectly competitive firm

A: A perfectly Competetive firm is a price taker it means it has to accept the market prevailing price.…

Q: explain how the costs of the firm are calculated, and the way that prices are determined in perfect…

A: Perfect competition refers to a market situation in which there are many buyers and sellers in the…

Q: Based on what we discussed in perfect competition in the short run, explain how the firm’s cost…

A: Under a perfectly competitive market, there are large numbers of a firm society with homogenous…

Q: Explain perfect competition in detailed explain profit maximization graphically

A: Perfect competition is a type of market which is characterized by a large number of buyers and…

Q: Draw and describe a diagram representing the cost curves – MC, AC, and AVC – for a profit-maximizing…

A: This can be described as a form of market in which no single producer or consumer has the power to…

Q: The packaged milk market in Pakistan is perfectly competitive. (1) Some firms in the market are…

A: Note: Since you have posted multiple independent questions in the same request, we will solve the…

Q: When should a firm shut down? In other words, what is the shut down point for a firm in perfect…

A: There are different types of costs that a firm encounters while making production decisions. These…

Q: Long run equilibrium of a firm in perfect competition Pls provides definition, examples  diagram…

A: The long-run equilibrium point for a perfectly competitive market occurs where the demand curve…

Q: Firms in perfect competition earn a positive long run economic profit. True False

A: There is a clear distinction between economic profit and accounting profit. The accounting profit is…

Q: Describe how profits and losses drive the long-run adjustment process of pure competition.

A: Pure competition is a market structure where there are large number of sellers dealing in a…

Q: Graph using MC and MR curves for a firm operating in a short-run perfect competition market to make…

A: Perfect competition is a competition that involves the presence of a large number of firms producing…