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Author Question: The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market. ... (Read 51 times)

kmoyer2

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Question 1

The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in long-run equilibrium.



FIGURE 9-10

Refer to Figure 9-10. In long-run equilibrium, the firm will earn an economic profit of


◦ $0.
◦ $4500.
◦ between $0 and $4500.
◦ between $4500 and $17 500.
◦ more than $17 500.

Question 2

The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market. The graph on the right shows the current market conditions in this industry.



FIGURE 9-7

Refer to Figure 9-7. What do you expect to happen in the long-run?


◦ Market supply will decrease.
◦ Market price will decrease.
◦ The firm's profit will decrease.
◦ both A and B
◦ both B and C


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Marked as best answer by kmoyer2 on Oct 12, 2022

ahardin89

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kmoyer2

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review


connor417

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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