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

Author Question: Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly ... (Read 18 times)

mmmmm

  • Full Member
  • ***
  • Posts: 155
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 allocatively efficient?


◦ It is not possible to say whether this industry is allocatively efficient because we do not know the average costs for each firm.
◦ No, since marginal costs are not equated for all firms, the industry is not productively efficient, and thus cannot be allocatively efficient.
◦ No, because the marginal cost curve for each firm has a different slope.
◦ It is not possible to say whether this industry is allocatively efficient because we do not know the market price for kilos of potatoes.
◦ Yes, because output is equated for all firms.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by mmmmm on Oct 12, 2022

GoldenBrown

  • Full Member
  • ***
  • Posts: 166
Reply #1 on: Oct 12, 2022
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.
Answer Preview
Only 35% of students answer this correctly


mmmmm

  • Member
  • Posts: 155
Reply 2 on: Oct 12, 2022
Gracias!

ultraflyy23

  • Member
  • Posts: 312
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

The carbon cycle. Numbers are storage as 1015 g or fluxes as 1015 g per year (data from Schlesinger The carbon cycle. Numbers are storage as 1015 g or fluxes as 1015 g per year (data from Schlesinger
Overfished per year Overfished per year
Kahan (Last Year) Kahan (Last Year)
Competitive firms and maximization Competitive firms and maximization
A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ... A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ...
Producing human insulin in E. coli Producing human insulin in E. coli
Video: baroreceptors

For a complete list of videos, visit our video library