Answered: P A MC ATC AVC (b) d MC ATC AVC (a) P d…

Business

Economics

P A MC ATC AVC (b) d MC ATC AVC (a) P d MC ATC AVC (c)

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter15: Medical Care Reform In The United States

Section: Chapter Questions

Problem 3QAP

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Question

Question 4
i. Explain how the perfectly competitive firm decides whether to operate or shut
down in the short run.

ii. Provide two conditions that should exist for price discriminate.

iii. Evaluate the view that having a business objective of increased economies of scale
is always desirable.

iv. In the figure provided below, which perfectly competitive firm (a, b or c)

a. earns economics profits
b. incurs losses, but will continue to operate
c. incurs losses and will shut down in the short-run
Provide an explanation for each choice.

P
A
MC
ATC
AVC
(b)
d
MC
ATC
AVC
(a)
P
d
MC
ATC
AVC
(c)

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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