This topic contains a solution. Click here to go to the answer

Author Question: Assume the peanut industry, a perfectly competitive industry, is in long-run equilibrium with a ... (Read 143 times)

xroflmao

  • Hero Member
  • *****
  • Posts: 515

Question 1

Which of the following is the set of conditions necessary for long-run equilibrium for a perfectly competitive firm?


P = 
SRMC < 
SRAC = 
LRAC
P > 
SRMC = 
SRAC = 
LRAC
P = 
SRMC = 
SRAC > 
LRAC
P = 
SRMC = 
SRAC = 
LRAC

Question 2

Assume the peanut industry, a perfectly competitive industry, is in long-run equilibrium with a market price of $5. If demand for peanuts increases and this industry is a decreasing-cost industry, long-run equilibrium will be reestablished at a price


◦ greater than $5.
◦ less than $5.
◦ equal to $5.
◦ either greater than or less than $5, depending on the number of firms that enter the industry.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by xroflmao on Apr 19, 2019

bdobbins

  • Sr. Member
  • ****
  • Posts: 326
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.
Answer Preview
Only 25% of students answer this correctly




bdobbins

  • Sr. Member
  • ****
  • Posts: 326

 

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Did you know?

Calcitonin is a naturally occurring hormone. In women who are at least 5 years beyond menopause, it slows bone loss and increases spinal bone density.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

For a complete list of videos, visit our video library