This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to Figure 3-5. At a price of 5, the quantity sold A) is 2 units. B) is 4 units. C) is 6 ... (Read 115 times)

dbose

  • Hero Member
  • *****
  • Posts: 597
on: Jun 29, 2018
Refer to Figure 3-5. At a price of 5, the quantity sold
 
  A) is 2 units. B) is 4 units.
  C) is 6 units. D) cannot be determined.

Question 2

What triggers exit in a competitive market? Describe the process that ends further exit.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nixon_s

  • Sr. Member
  • ****
  • Posts: 359
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

When firms in a competitive market are incurring an economic loss, some of the firms will exit the market. As these firms exit, the supply decreases and the price rises. The rise in the price eventually eliminates the economic loss, at which time exit stops.


dbose

  • Hero Member
  • *****
  • Posts: 597
Reply #2 on: Jun 29, 2018
Thank you :)


nixon_s

  • Sr. Member
  • ****
  • Posts: 359
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

Acetaminophen (Tylenol) in overdose can seriously damage the liver. It should never be taken by people who use alcohol heavily; it can result in severe liver damage and even a condition requiring a liver transplant.

Did you know?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896 Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
Electron micrograph of pre-rRNA transcription units from the nucleolus of a frog Electron micrograph of pre-rRNA transcription units from the nucleolus of a frog
Testing Infant’s Understanding of Quantity Testing Infant’s Understanding of Quantity
Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages
A dose-response curve describes the relationship between the quantity of the chemical entering the ... A dose-response curve describes the relationship between the quantity of the chemical entering the ...
Video: Inflammation Animation

For a complete list of videos, visit our video library