Unit10 - Microeconomics Multiple choiceA firm in perfect competition is a price taker becausethere are no good substitutes for its good.they are profit maximizers.it is very large.many other firms produce identical products.Under what condition would a perfectly competitive firm who is incurring an economic loss temporarily stay in business?if the total revenue is positiveif the total revenue exceeds the variable costif the total revenue exceeds the fixed costif the total revenue is increasingWhen firms in a perfectly competitive market are making earning an economic profit, in the long run,firms will exit the market.firms will continue to earn a profit.average cost will shift downward.firms will enter the market.

Hello, thank you for the question. Since there are multiple questions posted here, only the first…

Answered: Unit10 - Microeconomics Multiple choice…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Unit10 - Microeconomics Multiple choice

A firm in perfect competition is a price taker because
1. there are no good substitutes for its good.
2. they are profit maximizers.
3. it is very large.
4. many other firms produce identical products.
Under what condition would a perfectly competitive firm who is incurring an economic loss temporarily stay in business?
1. 1. 1. if the total revenue is positive
    2. if the total revenue exceeds the variable cost
    3. if the total revenue exceeds the fixed cost
    4. if the total revenue is increasing
When firms in a perfectly competitive market are making earning an economic profit, in the long run,
1. 1. 1. firms will exit the market.
    2. firms will continue to earn a profit.
    3. average cost will shift downward.
    4. firms will enter the market.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions