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Author Question: Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly ... (Read 9 times)

mmmmm

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on: Oct 12, 2022

Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms.



FIGURE 12-1

Refer to Figure 12-1. Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Is this industry allocatively efficient?


◦ It is not possible to say whether this industry is allocatively efficient because we do not know the average costs for each firm.
◦ No, since marginal costs are not equated for all firms, the industry is not productively efficient, and thus cannot be allocatively efficient.
◦ No, because the marginal cost curve for each firm has a different slope.
◦ It is not possible to say whether this industry is allocatively efficient because we do not know the market price for kilos of potatoes.
◦ Yes, because output is equated for all firms.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by mmmmm on Oct 12, 2022

GoldenBrown

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mmmmm

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

robbielu01

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Reply 3 on: Yesterday
Wow, this really help

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