In a competitive constant cost industry with identical firms and free entry, long run producer surplus is: Zero Lower than Zero Greater than Zero Answer can’t be determined

Q: 1) If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its…

A: Since you posted multiple questions, we will provide the answer for first one questions.

Q: Assume agricultural products are identical and there are many sellers and buyers of agriculture…

A: It is given that, the agricultural products are identical and there are many buyers and sellers of…

Q: Suppose there are only two firms in a competitive market for a good. Firm 1's marginal cost curve is…

A: we are given with the situation where in there are only two firms in a competitive market,their…

Q: Market Representative Firm MC A a MR = P $3.50 - ATC $2.50 - AVC 50,000 350 400 Quantity (Q) Output…

A: At equilibrium, demand is equal to supply. So the equilibrium price is $ 3.50. At profit…

Q: There are 240 firms of type A and 180 firms of type B in a perfectly competitive market. On one…

A: Equilibrium in the competitive market is reached where quantity demanded is equal to quantity…

Q: Consider the following setup for a perfectly competitive market: Suppose that for the firm, TC=625+…

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

Q: There are 80 perfectly competitive firms producing love letters, q. Each firm's cost function is…

A: Cost function : C(q) = 4 +  4q2Demand function : Qd =  240 - 5P Number of firms in perfectly…

Q: The profit maximizing rule states that: Firms maximize profits by producing at the quantity where…

A: Answer: option b (Firms maximize profits by producing at the quantity where marginal revenue equals…

Q: Cronos Corporation of Kingston, Ontario produces keyboards for computers in a perfectly competitive…

A: Perfect competition is a type of a market structure.

Q: the demand (D), marginal revenue (MR), and marginal cost (MC) curves for the monopoly firm. Place…

A: A monopoly firm produces at the intersection point of MR and MC curve.  The output corresponding to…

Q: enter your response here $ Farmer Jones grows oranges in Florida. Suppose the market for oranges is…

A: The objective of the question is to calculate the total revenue, average revenue, and marginal…

Q: A store sells good A. The market price of good A is $40. It has the following cost and output…

A: In perfectly competitive market, there are large number of firms selling identical goods.

Q: A perfectly competitive hardware manufacturer has a total revenue of $85 million, total variable…

A: The producer surplus of a perfectly competitive hardware manufacturer can be calculated by…

Q: In a perfectly competitive market, why can’t prices above the competitive equilibrium price prevail…

A: Perfectly competitive market A Perfectly competitive market is one in which a large number of buyers…

Q: Consider an industry with two possible long-run cost functions. There are no quasi-fixed costs in…

A: Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…

Q: Assume that in a PERFECTLY COMPETITIVE MARKET, demand and supply curves are: Demand: p(q) = 16 - q2…

A: Perfect Competition is a kind of market structure where the equilibrium price is determined by the…

Q: Yann's bakery operates in a perfectly competitive market where the prevailing price for a baguette…

A: Perfectly competitive firm: It is a market structure where there exists a large number of buyers and…

Q: Consider a perfectly competitive firm with a total cost function given by: C(q) = 1 + 0.5 q² where q…

A: Many small firms or enterprises operate in a perfectly competitive(PC) market. Products offered by…

Q: Please correct answer and don't use hend raiting

A: To plot the industry's short-run supply curve and identify the equilibrium point, let's go through…

Q: The graph above shows the perfectly competitive market for apples. The quantity is measured in…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: The following diagram shows the market demand for titanium. Use the orange points (square symbol) to…

A: We are using market equilibrium concept in the long run to answer this question.

Q: 6. Deriving the short-run supply curve The following graph plots the marginal cost (MC) curve,…

A: Decisions about how long to stay open and how much to produce must be made by businesses in the near…

Q: Please diagram the revenue and profit situation (which would also include the cost curves) for a…

A: Demand function:Demand is when a consumer has the desire to buy something at the price that he is…

Q: Suppose that the income elasticity of microwave ovens is 0.9. What would this imply for the product?…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: On the graph input tool, change the number found in the Quantity Demanded field to determine the…

A: Demand: Demand for a commodity can be defined as the desire and willingness of a consumer to acquire…

Q: Please correct answer and don't use hend raiting

A: This is the essence of the short-run supply curve.The industry's short-run supply curve captures the…

Q: Calculate the consumer surplus if the industry is perfectly competitive according to this diagram in…

A: Consumer surplus under perfect competition =0.5(20-10)(10) = 50