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The demand curve of the
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- In the short run, if a perfectly competitive firm chooses to produce, then its profits are maximized by producing the quantity of output where marginal cost equals marginal revenue. True FalseThere are 80 perfectly competitive firms producing love letters, q. Each firm's cost function is C(q) = 4 + 4q². Market demand for love letters is Qp 240 - 5P. Use this information to answer questions #20 and #21. = 20. What is the short-run market equilibrium price for love letters? a. P = $8 b. P = $10 c. P = $16 d. P = $18.50 e. P = $24 21. What will happen to the number of firms selling love letters in the long-run? a. The number of firms in this market will decrease. b. The number of firms in this market will increase. C. The number of firms in this market will remain the same, but the market price will increase. d. The number of firms in this market will remain the same, but the market price will decrease. e. It is not possible to say what will happen to the number of firms without more information.Will a profit-maximizing firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.
- Refer to the above diagram for a purely competitive producer. The lowest price at which the firm should produce (as opposed to shutting down) is?The market for paperback detective novels is perfectly competitive. We have two types of book publishers in the market- Small Press and Large Press. Each Small Press publisher's supply curve is given by P=76+5Q. Each Large Press publisher's supply curve is given by Q=2P-24 Suppose there is only 1 publisher of each type. What is market supply when market price is $60? Enter a number only. Remember, fractions of goods are possible.Explain why a competitive firm’s marginal cost curve is the same as its supply curve.
- The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses. Which of the following statements is true about the price of fertilizer? Check all that apply. The price of fertilizer must be less than average total cost. The price of fertilizer must be equal to average variable cost. The price of fertilizer must be less than marginal cost. Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. Average total cost will decrease. The quantity supplied by each firm will decrease. The total quantity supplied to the market will decrease. Marginal cost will decrease. The price of fertilizer will increase.A perfectly competitive firm will maximize its profit when marginal revenue is greater than marginal cost. True or False?Which of the following are perfectly competitive markets? Market Tomato Growing Coffee vendor Manufacturing computers Constructing new homes Perfectly Competitive? Yes Yes No Yes Number of Firms Few Many Few Many Type of Product Identical or Differentiated Identical Differentiated Identical Ease of Entry High High Low High