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Author Question: The following diagram shows a perfectly competitive industry and firm. Initial supernormal profits ... (Read 112 times)

bio_gurl

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on: May 25, 2020

Question 1

The following diagram shows a perfectly competitive industry and firm.


The position shown is NOT a long-run equilibrium because
◦ MC > AC.
◦ D = AR.
◦ AR = MR.
◦ AR > AC at Qe.

Question 2

The following diagram shows a perfectly competitive industry and firm. Initial supernormal profits have attracted new firms into the industry.

 
QL represents long-run equilibrium output of the firm because
◦ P1 > PL.
◦ LRAC = ARL.
◦ Se > S1.
◦ D1 > DL.
Essential Economics for Business ¦ Sloman, Jones ¦ 5th Edition
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Marked as best answer by bio_gurl on May 25, 2020

ASDFGJLO

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Reply #1 on: May 25, 2020
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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bio_gurl

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Reply 2 on: May 25, 2020
YES! Correct, THANKS for helping me on my review

daiying98

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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