Refer to the information provided in Figure 9.2 below to answer ...

[yoooooman]

TY

[Sammyo]

You're welcome

[swpotter12]

Question 1

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.









Refer to Figure 9.2. If demand for wheat is 
D
₁, then in the long run

◦ the firm will increase its price and output.
◦ the firm will exit the industry.
◦ new firms will enter the industry, and the current firms will expand production.
◦ firms will increase their output so that their average fixed cost per unit falls.

Question 2

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.









Refer to Figure 9.2. In the $6-$7 price range, the firm will

◦ shut down.
◦ continue to operate but at a loss.
◦ break even.
◦ earn a profit.

[HandsomeMarc]

Answer 1

the firm will exit the industry.

Answer 2

continue to operate but at a loss.

[bb]

Question 1

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.









Refer to Figure 9.2. The firm's ________ point is at a price of $6.

◦ profit maximizing
◦ break even
◦ shut down
◦ loss maximizing

Question 2

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.









Refer to Figure 9.2. Suppose demand for wheat is initially 
D
₂. If consumer incomes decrease, then demand for wheat will shift to ________. This will ________ the equilibrium price of wheat and individual profit-maximizing firms will produce ________ bushels of wheat.

◦ D
₃; increase; 15
◦ D
₁; increase; 10
◦ D
₃; decrease; 7
◦ D
₁; decrease; 0

[janieazgirl]

Answer 1

shut down

Answer 2

D
₁; decrease; 0

[bb]

Thank you!

[janieazgirl]

Always glad to help...

[genevieve1028]

Question 1

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.









Refer to Figure 9.2. Suppose demand for wheat is initially 
D
₂. If the price of rice (a substitute for wheat) rises, then demand for wheat will shift to ________. This will ________ the equilibrium price of wheat and individual profit-maximizing firms will produce ________ bushels of wheat.

◦ D
₃; increase; 15
◦ D
₁; increase; 13
◦ D
₃; decrease; 10
◦ D
₁; decrease; 0

Question 2

Refer to the information provided in Figure 9.2 below to answer the question(s) that follow.









Refer to Figure 9.2. If 
MR = $7, then a profit-maximizing firm will produce ________ units and earn a profit of ________.

◦ 13; $0
◦ 7; $0
◦ 13; $91
◦ 15; $30

[xoxo123]

Answer 1

D
₃; increase; 15

Answer 2

13; $0