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![uèstion 1
Supply will be inelastic if the producer is producing in the long run
O True
O False](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb8e82c0-8cf7-4f81-aba8-26bc2f1838b3%2F560258dd-9c3f-41ab-8269-e1b32d00096b%2F06g459q_processed.jpeg&w=3840&q=75)
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- Use the following graph: The graph below pertains to the supply of paper to colleges and universities. price quantity Refer to the graph above. All else equal, an increase in the price of pulp input used in the paper production process would cause a move from: Oy to x O SA to SB Ox to y O SB to SASuppose that the perfectly competitive turkey industry is in long-run equilibrium at a price of $3 per pound of turkey and a quantity of 600 million pounds per year. Suppose the Surgeon General issues a report saying that eating turkey is bad for your health. The Surgeon General's report will cause consumers to demand v turkey at every price. In the short run, firms will respond by Shift the supply curve, the demand curve, or both on the following diagram to illustrate these short-run effects of the Surgeon General's announcement. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move curve and it snaps back to its original position, just drag it a little farther. (?) Supply 5 Demand Supply Demand 200 400 600 800 1000 1200 QUANTITY (Millions of pounds) PRICE (Dollars per pound)Farmer Lee grows strawberries. The average total cost and marginal cost of growing strawberries in the long run for an individual farmer are illustrated in the graph to the right. Suppose the market price is $7.05 per box. If so, then farmers will strawberries until the market price is $ number rounded to two decimal places.) per box. (Enter a numeric the market for a real enter exit Price and cost (dollars per box) 10- 9- 8- 5- 3- 2- 1. 0 MC ATC 10 20 30 40 50 60 70 80 90 100 Quantity of strawberries (boxes per week) o
- O Macmillan Learning The graph contains individual supply curves for the only two firms in a hypothetical market for stuffed animals. Place the market supply curve at the correct location on the graph. Then, consider what would happen to the market if a third supplier enters the market, holding all else constant. Price per Stuffed Animal($) 10 9 8 50 2 1 Market for Stuffed Animals Firm 1 Firm 2 Market 0 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Quantity of Stuffed Animals A third firm would mean market supply increases.Resources Submit All Question 6 of 30 Indicate whether each of the statements below about a perfectly competitive market is true or false. a. In general, the market demand curve in a perfectly competitive market is perfectly elastic. True False b. In general, an individual firm in a perfectly competitive market faces a perfectly elastic demand curve. True O False 46°F aThe following graph shows the long-run supply curve for persimmons. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for persimmons. (Note: Place the points of the line either on W and R or on W and M.) PRICE (Dollars per pound) 24 20 16 6 2 co 4 0 0 W 4 M R Long-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of persimmons) 12 Short-Run Supply ?
- Suppose that the tuna industry is in long-run equilibrium at a price of $5 per can of tuna and a quantity of 500 million cans per year. Suppose that WebMD claims that the bacteria found in tuna will decrease your expected lifespan by 2 years. WebMD's claim will cause consumers to demand Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of WebMD's claim. ? PRICE (Dollars per can) 10 9 8 0 O tuna at every price. In the short run, firms will respond by 100 200 Supply Demand 300 400 500 600 700 800 QUANTITY (Millions of cans) 000 1000 Demand 1 SupplyIf Kiesel experienced an increase in orders from its websiteover a period of two weeks, should it expand its productioncapacity to make sure it can handle increased demand inthe future? Why or why not?10. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for persimmons. Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for persimmons. (Note: Place the points of the line either on W and P or on W and I.) PRICE (Dollars per pound) 24 20 Co 16 0 0 W Short-Run Supply 2 4 6 8 10 QUANTITY (Thousands of pounds of persimmons) 12 Long-Run Supply ?
- PRICE A பயடு X Figure 16-8 B T LL L QUANTITY M MC ATC Demand MR Refer to Figure 16-8. Which of the following best describes the profit-maximizing outcome for the firm depicted her a. This firm is in long run equilibrium and will continue to earn zero profit. b. This firm is earning zero profit in the short run, but will earn a positive profit in the long run. c. This firm is incurring a short-run loss, but will earn zero profit in the long run. d. This firm is earning a short-run profit, but will earn zero profit in the long run.13. Firms in Competitive Markets The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. The price of fertilizer must be less than average total cost. Price and Costs The price of fertilizer must be less than marginal cost. The price of fertilizer must be equal to average variable cost. The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves. MC Firm ATC LAVC II II Quantity (? P P₂ Demand 1 Market Quantity S₁ S₂ (?)price elasticity of supply in the short run and long run Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
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