Rosegrowing is a perfectly competitive industry and all rose growers have the same cost curves.The market price of roses is $11 a bunch, and each grower maximizes profit by producing 400 bunches a week.The average total cost of producing roses is $21 a bunch. Minimum average variable cost is $9 a bunch, and the minimum average total cost is $13 a bunchWhat is a rose grower's economic profit in the short run and how does the number of rose growers change in the long run?In the short run, each grower is>>> Answer with a positive numberBecause firms in the industry aresome firms willof $a week.A incurring an economic loss, exitOB. incurring an economic loss, enter and some firms will exitOC. making zero economic profit, shut down and exitOD. making an economic profit, enterOE making an economic profit, exit and some firms will enteremthe market in the long run Rosegrowing is a perfectly competitive industry and all rose growers have the same cost curvesThemarket price of roses is $11 a bunch, and each grower maximizes profit by producing 400 bunches a weekThe average total cost of producing roses is $21 a bunch Minimum average variable cost is $9 a bunch, and the minimum average total cost is $13 a bunchWhat is a rose grower's economic profit in the short run and how does the number of rose growers change in the long run?OB incuring an economic loss; enter and some firms will extOC. making zero economic profit, shut down and extOD. making an economic profit, enterOE making an economic profit, exit and some firms will enterIn the long run, the number of rose growers willOA decreaseOB increaseOC not changeCETO

In a perfectly competitive industry, the firm works at a level where the market price is equal to…

Rose growing is a perfectly competitive industry and all rose growers have the same cost curves. The market price of roses is $11 a bunch, and each grower maximizes profit by producing 400 bunches a week. The average total cost of producing roses is $21 a bunch. Minimum average variable cost is $9 a bunch, and the minimum average total cost is $13 a bunch What is a rose grower's economic profit in the short run and how does the number of rose growers change in the long run? In the short run, each grower is >>> Answer with a positive number Because firms in the industry are some firms will of $a week OA incurring an economic loss, exit OB. incuring an economic loss, enter and some firms will exit OC. making zero economic COTTE the market in the long run.

Rose growing is a perfectly competitive industry and all rose growers have the same cost curves. The market price of roses is $11 a bunch, and each grower maximizes profit by producing 400 bunches a week. The average total cost of producing roses is $21 a bunch. Minimum average variable cost is $9 a bunch, and the minimum average total cost is $13 a bunch What is a rose grower's economic profit in the short run and how does the number of rose growers change in the long run? In the short run, each grower is >>> Answer with a positive number Because firms in the industry are some firms will of $a week OA incurring an economic loss, exit OB. incuring an economic loss, enter and some firms will exit OC. making zero economic COTTE the market in the long run.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 14P

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