Draw a graph on the diagram below showing the long-run equilibrium position of a competitive firm. Write a formula to express the equalities in the graph
What will be an ideal response?
The formula is P = minimum ATC = MC, or price is equal to the minimum of average total cost and also equal to marginal cost.
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"Last October, due to an early frost, the price of a pumpkin increased by 10 percent compared to the price in the previous Halloween season. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million"
Based on this statement, it is certain that the A) demand curve for Halloween costumes shifted leftward. B) price elasticity of demand for pumpkins decreased from its value in previous years. C) demand curve for pumpkins shifted leftward. D) total revenue from the sale of pumpkins decreased.
In the model of monopolistic competition, an increase in industry output will ________ producers of ________ higher-priced goods and ________ producers of lower-priced goods
A) harm; benefit B) benefit; harm C) harm; harm D) benefit; benefit E) benefit; have no effect on
In the 1870s, roughly ___ percent of immigrants came from northern and western Europe; by 1910, more than ___ percent of the total came from southern and eastern Europe
a. 10; 10 b. 20; 80 c. 40 ; 60 d. 80; 80
Colluding oligopolists face a conflict between maximizing joint market profit or their own market share.
Answer the following statement true (T) or false (F)