When perfect competition prevails, which of the following features of firms are we likely to observe? They space all price takers. Lock erect and also maintain obstacles to brand-new firms. They all shot to highlight the substantial product differentiation between producers. There are not plenty of of them.

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If a perfect competitive firm sells 300 units of calculation at $1 every unit, that is marginal revenue is: much more than $1 however less than $300. Less than $1. $1. $300.
In the short run, a perfect competitive certain produces output and also breaks even if the for sure produces the quantity at which: ns > ATC. P p = (TR / Q + TC / Q) × Q. Ns = ATC.
In perfectly competitive markets, if the price is _____, the firm will _____. better than the minimum ATC; break also greater than ATC; make an economic profit less than ATC; do an economic profit less than ATC; rest even
A perfectly competitive firm will certainly earn a profit and also will continue producing the profit-maximizing amount of calculation in the short run if the price is: greater than mean variable cost but less than average full cost. Much less than marginal cost. Less than the mean fixed cost. Greater than average complete cost.
The short-run supply curve because that a perfect competitive certain is the ____ cost curve over the _____ price. mean variable; shut-down marginal; shut-down median total; break-even marginal; break-even
In the brief run, if AVC produces output and incurs an financial loss. To produce output and earns an economic profit. Go not create output and also earns an financial profit. Walk not produce output and earns zero financial profit.
Assume that in the short run a perfectly competitive firm walk not create output and also has economic losses. This occurs at the amount where grandfather = MC and: ns = ATC and FC = 0. AVC 0. AVC > ns > ATC and FC = 0. Ns 0.
Which the the complying with is TRUE? Price and marginal revenue room the same in perfect competition. Financial profit every unit is uncovered by subtracting AVC indigenous the price. Economic profit is always positive in the quick run. If the price falls listed below the average full cost, the firm will certainly earn financial profits.
In a long-run equilibrium, financial profits in a perfectly competitive market are: positive. Zero. Negative. Indeterminate.
A perfectly competitive firm will certainly produce: only as soon as it earns profits in the short run. Greatly in the long run and also only if price is greater than AFC. Whenever the can. Through a loss in the quick run if that price is greater than AVC however less than ATC.
The presumptions of perfect competition indicate that: the price will be fair. Individuals can influence the sector price. The price will certainly be high. Individuals in the sector accept the market price as given.
Which of the complying with is no a characteristic of a perfectly competitive industry? assets are differentiated. Profits may be optimistic in the brief run. Over there are countless firms. Firms look for to maximize profits.

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If a perfect competitive certain decreases production from 11 devices to 10 units and the sector price is $20 per unit, complete revenue for 10 systems is: $200. $10. $210. $20
If a perfect competitive firm increases production from 10 devices to 11 units and also the sector price is $20 every unit, full revenue because that 11 devices is: $200. $10. $20. $220.




Solutions hands-on for Use with Essentials the Investments7th EditionAlan J. Marcus, Alex Kane, Bruce Swensen, Zvi Bodie
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