Generally, when preferences for a good rise, demand for the good rises. If a perfectly competitive market starts in long-run in the industry and equilibrium, holding all else constant, this will result in a higher market price, which will lead to. the market. This causes price to None of these 3 possible answers listed here are correct. economic losses; attracts new firms into; fall economic losses; causes some firms to leave; rise further positive economic profits; causes some firms to leave; rise further

Generally, when preferences for a good rise, demand for the good rises. If a perfectly competitive market starts in long-run in the industry and equilibrium, holding all else constant, this will result in a higher market price, which will lead to. the market. This causes price to None of these 3 possible answers listed here are correct. economic losses; attracts new firms into; fall economic losses; causes some firms to leave; rise further positive economic profits; causes some firms to leave; rise further

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 35 Suppose all firms in a perfectly competitive industry have marginal cost of producing q units is MC = 8 + 16q. The industry demand curve is given by P = 488 – Q. The price of the good is $200. What is this firm’s optimal short-run quantity and how many firms produce this good in the short run? 12 units and 12 firms 48 units and 24 firms 192 units and 24 firms 12 units and 24 firms
University Economics, Theory of Production
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In a competitive market characterized by increasing costs, the long-run industry supply curve gives the minimum long-run average cost of production at various levels of industry output. long-run industry supply curve gives the long-run marginal cost of production at various levels of industry output. long-run industry supply curve is upward sloping. both a and b all of the above
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