According to macroeconomic theory, in a perfectly competitive market a company: Group of answer choices is a cost maximizer. is a price searcher. is a price taker. is a quantity taker
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- What happens to a competitive firm whose cost function exhibits decreasing marginal cost everywhere? Construct a concrete cost function of this type and carry out the search for the profit-maximizing output.The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including number of firms, is possible. We have identical firms, each with a Total Cost curve of TC=862+q^2 and Marginal Cost curve MC=2q. Market demand is Q=856-2P. What is the number of firms in the market in the long run equilibrium?Please answer the correct answer ASAP please calculation please Don't answer by pen paper please ASAP The market for bananas is also perfectly competitive. Each banana-growing firm has cost function C(Q)=145+ 20Q+0.75Q2. The aggregate demand for bananas is 1500-2P. Find the long-run aggregate quantity of bananas sold in this market.
- The firm raises prices. Quantity demanded in the short-run is unaffected, but in the long-run unit sales is expected to decline. what is the effect of this in firm value?The market for drones is perfectly competitive. Assume for simplicity that fractions of everything, including firms, is possible. We have identical firms, each with a Total Cost curve of TC=712+q^2 and Marginal Cost curve MC=2q. Market demand is Q=895-2P. What is the long-run equilibrium market price? Enter a number only, drop the $ sign.The competitive firm is
- What is the relationship between marginal cost and the short-run supply curve for the purely competitive firm?Firms in a perfectly competitive market are said to be "price takers" - that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfect competitive market, but you are not happy with its price, would you raise the price, even by a cent?The graph below shows the marginal cost (MC), average variable cost (AVC), and average total cost (ATC) curves for a firm in a competitive market. These curves imply a short-run supply curve that has two distinct parts. One part, not shown, lies along the vertical axis (quantity-0); this represents a condition of production shutdown. Where is the other part? Use the straight-line tool to drawit. To refer to the graphing tutorial for this question type, please click here Price and cost 18 15 14 13 12 10 19/21 SUBMIT ANSWER 13 OF 21 QUESTIONS C OMPLETED 28 MacBook Pro 금□ F7 F8 F9 F1o F2 F3 F5
- In a perfectly competitive market, which of the following characteristics gives rise to the difference between the short-run equilibrium and the long-run equilibrium? There is perfect information regarding prices and quantities. There is a homogenous product. There are many buyers and many firms acting in the market. There is free entry into and out of the industry.It is the month of June, which is the peak season for producing rye. At the current level of output of 800 units of wheat, the following data exists: Price = $16 Marginal cost = $8 Marginal Revenue-$8 Average variable cost = $10 Average total cost = $19 Based on these figures, as an microeconomic advisor, what would you advise this firm to do? The firm should shut down production. Not sure. The firm should raise the price and make a loss. The firm should continue to produce more wheat.Glowglobes are produced by identical firms in a perfectly competitive market. There are 18 firms in the market. Each firm's Total Cost function is TC=538+2q+q^2 and Marginal Cost function is MC=2+2q. Market demand is Q=488-P. What is the quantity produced by each firm in the short-run?
