9/20/2023 0 Comments When new firms enter a perfectly competitive market, the short-run market supply curve shifts right.![]() d.average revenue equals average total cost. ![]() O c.marginal revenue equals marginal cost. O b.marginal revenue equals average variable cost. ![]() $50 d.At the profit-maximizing level of output, a.marginal revenue equals average total cost. QUESTION 12 Quantity Total Cost Fixed Cost Variable Cost Marginal Cost Average Fixed Cost Average Variable Cost Average Total Cost 10 $50 $50 SO 1 $150 ΙΑ B C D E F 12 G H I $120 T K L 3 M N O P. shutdown and incur a loss equal to its fixed cost shutdown and incur a loss greater than its fixed cost d. shutdown and incur a loss less than its fixed cost b.remain in business and incur a loss greater than its fixed cost OC. QUESTION 11 The figure shows the cost curves of a competitive firm: 1 Price MC ATC AVC Pa Pb+ L Pc Pat- Quantity Refer to the figure above. This process will continue until all firms are making a positive profit. the market supply curve will shift left, causing the equilibrium price to rise. This process will continue until all firms are making zero economic profit. the market supply curve will shift right, causing the equilibrium price to fall. the market supply curve will shift left, causing the equilibrium price to fall. the market supply curve will shift right, causing the equilibrium price to rise. QUESTION 10 When new firms enter a perfectly competitive market, a.
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