Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. Which of the following options is correct in the long run?a. More firms will enter the industry in the long run.b. More firms will exit from the industry in the long run.c. Neither firm will enter nor exit in the long run.d. Few firms will enter, and few will exit in the long run. What is the optimal output when the fixed cost of output is $180?The following table shows the quantity and MC at different levels of fixed costs. Use thefollowing table to answer the next four questions. The price of output is given as $50.Q012345678910a. 1 unitb. 9 unitsc. 10 unitsd. 8 unitsMC50282014182022384555C (FC=100) C (FC = $150) C (FC = $180)100150180200230228258248278262292280310300330322352360390405460150178198212230250272310355410435490

In economics, the long run is a timeframe in which all elements of production are variable. This…

Which of the following options is correct in the long run? a. More firms will enter the industry in the long run. b. More firms will exit from the industry in the long run. c. Neither firm will enter nor exit in the long run. d. Few firms will enter, and few will exit in the long run.

Which of the following options is correct in the long run? a. More firms will enter the industry in the long run. b. More firms will exit from the industry in the long run. c. Neither firm will enter nor exit in the long run. d. Few firms will enter, and few will exit in the long run.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Imperfect Competition

Imperfect competition is relatively easier to understand once people have the knowledge of perfect competition. When the five conditions of perfect competition are not made, that market structure is said to be imperfect competition.

Question

Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

Which of the following options is correct in the long run?
a. More firms will enter the industry in the long run.
b. More firms will exit from the industry in the long run.
c. Neither firm will enter nor exit in the long run.
d. Few firms will enter, and few will exit in the long run.

What is the optimal output when the fixed cost of output is $180?
The following table shows the quantity and MC at different levels of fixed costs. Use the
following table to answer the next four questions. The price of output is given as $50.
Q
0
1
2
3
4
5
6
7
8
9
10
a. 1 unit
b. 9 units
c. 10 units
d. 8 units
MC
50
28
20
14
18
20
22
38
45
55
C (FC=100) C (FC = $150) C (FC = $180)
100
150
180
200
230
228
258
248
278
262
292
280
310
300
330
322
352
360
390
405
460
150
178
198
212
230
250
272
310
355
410
435
490

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