In the long run with free entry and exit, is the price in a market equal to
Question:
In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither? Explain with a diagram.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
In the long run with free entry and exit the price in the market is equal to both a firms m...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
In the long run with a constant velocity of circulation, the inflation rate ______. A. Is constant and equals the money growth rate B. Equals the money growth rate minus the growth rate of real GDP...
-
In the long run according to the quantity theory of money, if the money supply doubles, what happens to the price level? What happens to real GDP? In both cases, state the percentage change in either...
-
Why is industry supply more elastic in the long run than in the short run, and more elastic in the short run than in the market period?
-
Which of the following divisions of plants does NOT have a well differentiated body? A) Gymnosperms B) Bryophyta C) Thallophyta D) Pteridophyta
-
Verify, using Example 1.4 as a model, that the two correspondences given before the definition are isomorphism's. (a) Example 1.1 (b) Example 1.2
-
describe how managers should cope with individual differences.
-
Data for Munsun Company are presented in P12-3A. LO11 Instructions Prepare the operating activities section of the statement of cash flows using the direct method.
-
Last year, Ridgecrest Inc. had sales of $3,200,000, based on a unit selling price of $400. The variable cost per unit was $240, and fixed costs were $1,088,000. The maximum sales within Ridgecrest...
-
Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in...
-
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU)...
-
How does a competitive firm determine its profit-maximizing level of output? Explain when does a profit-maximizing competitive firm decide to shut down? When does it decide to exit a market?
-
What is meant by a competitive firm?
-
Dartmouth Games reported the following information for a three-year period: Instructions a. Calculate the inventory turnover, days sales in inventory, and gross profit margin for 2024 and 2023. b....
-
Albert is in third grade and has documented impulsivity issues in class. Develop a plan to teach Albert how to answer questions in class appropriately. He will currently shout out answers and if the...
-
What type of atmosphere is generated in the zara locations? How do the stores draw in their customers? Is there any atmospherics that would make you stay in the stores? Is it enjoyable inside, does...
-
You've been asked to create a machine learning service that helps people choose what concert to attend on a particular date based on the type of music they prefer, who is singing, and where the event...
-
What are the lessons (human resource, marketing, services, location, pricing, etc.) that Disney learned from its previous international ventures (Japan, EDL, HK)? What were some of the mistakes and...
-
17.C. a. A person asks you to convert a given point (x,y) into polar coordinates (r, 0). Explain how this might be an ambiguous question (i.e., is further information needed?). b. There is only 1 out...
-
Overheads contribute a small proportion of the total cost. True/False
-
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
-
What is the command to call one constructor from another constructor in the same class? A. construct() B. parent() C. super() D. this() E. that()
-
Subway, the fast-food chain, sells foot-long sandwiches for $5 each. However, Subway still sells 6-inch sandwiches for more than $2.50 each, that is, at a higher price per inch of sub. a. Can you...
-
Lets calculate the profit from price discrimination. The average daily demand for dinners at Paradise Grille, an upscale casual restaurant, is as follows: Demand for dinners by senior citizens: P =...
-
At the Kennedy Center for the Performing Arts in Washington, D.C., if you make a $120 donation per year, you are allowed to go to a small room before the concert and drink free coffee and eat free...
-
Discuss why it is important for company managers to understand and use social capital knowledge to help build social ties among their skilled knowledge workers so they can build employee loyalty...
-
Kate lives in a house close to a local university, and she traditionally has rented a garage apartment in the back of her property to students for $750 per month. Kate wants to transfer the title to...
-
Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufacturing overhead is charged to production at...
Study smarter with the SolutionInn App