The following graph plots the market demand curve for rhenium.Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You candisregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use thepurple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) toplot the short-run industry supply curve when there are 30 firms.PRICE (Dollars per pound)8072645648403224168Demand00 120 240 360 480 800 720 840 980 1080 1200QUANTITY (Thousands of pounds)Because you know that competitive firms earnSupply (10 firms)Supply (20 firms)If there were 30 firms in this market, the short-run equilibrium price of rhenium would be $would. Therefore, in the long run, firms wouldTrueSupply (30 firms)Falseper pound. From the graph, you can see that this means there will be?per pound. At that price, firms in this industrythe rhenium market.economic profit in the long run, you know the long-run equilibrium price must befirms operating in the rhenium industry in long-run equilibrium.True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns positive accounting profit. 7. Short-run supply and long-run equilibriumConsider the competitive market for rhenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces thesame marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph.COSTS (Dollars per pound)8072645648403224168O0 3ATC0AVCD0OMCD8 9 12 15 18 21 24QUANTITY (Thousands of pounds)27 30The following graph plots the market demand curve for rhenium.(?)

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If there were 30 firms in this market, the short-run equilibrium price of rhenium would be would .Therefore, in the long run, firms would per pound. At that price, firms in this industry the rhenium market.

If there were 30 firms in this market, the short-run equilibrium price of rhenium would be would .Therefore, in the long run, firms would per pound. At that price, firms in this industry the rhenium market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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