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Author Question: Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly ... (Read 51 times)

Labomba

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on: Oct 12, 2022

Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms.



FIGURE 12-1

Refer to Figure 12-1. Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Is this industry productively efficient?


◦ No, because each firm could easily produce more than 500 kilos.
◦ Yes, because output is equated for all firms.
◦ No, because marginal costs are not equated for all firms.
◦ No, because the marginal cost curve for each firm has a different slope.
◦ It is not possible to say whether this industry is productively efficient because we do not know the market price of the product.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Labomba on Oct 12, 2022

ElaneShive

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Reply #1 on: Oct 12, 2022
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Labomba

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Reply 2 on: Oct 12, 2022
Wow, this really help

hollysheppard095

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Reply 3 on: Yesterday
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