In the long-run equilibrium in a perfectly competitive market, price is equal to both and .

Question:

In the long-run equilibrium in a perfectly competitive market, price is equal to both ________ and ________.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Microeconomics Principles Applications And Tools

ISBN: 9780134078878

9th Edition

Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez

See More Books

Question Posted: Dec 23, 2023 05:05 AM

See More Questions

A firm in a perfectly competitive market will exit the market in the long run if: (a) the market price falls below the average variable cost. (b) the market price falls below the average fixed cost....
Multiple Choice Questions 1. A perfectly competitive firm a. Chooses its price to maximize profits. b. Sets its price to undercut other firms selling similar products. c. Takes its price as given by...
Assume that the Modigliani-Miller assumptions hold and we have no taxes. Petro Inc. has no debt; its unlevered equity consists of 100,000 shares trading at $65 each. The unlevered equity has a beta...
Perform the indicated operations. Let k be a natural number. a. (-2) c. (-2)4 e. Is (-2)2+ positive or negative? b. (-2) d. (-2)5
(a) Identify three taxes commonly paid by employers on employees salaries and wages. (b) Where in the financial statements does the employer report taxes withheld from employees pay?
How can user- defined operator overloading harm the readability of a program?
The multiplication rule. Here is another basic rule of probability: if several events are independent, the probability that all of the events happen is the product of their individual...
A siren mounted on the roof of a firehouse emits sound at a frequency of 900 Hz. A steady wind is blowing with a speed of 15.0 m/s. Taking the speed of sound in calm air to be 343 m/s, find the...
Pitino acquired 9 0 percent of Brey's outstanding shares on January 1 , 2 0 2 2 , in exchange for $ 3 5 1 , 0 0 0 in cash. The subsidiary's stockholders' equity accounts totaled $ 3 3 5 , 0 0 0 , and...
Consider the numbers provided in Application 4 on South African consumer loans. Suppose a lender initially charges an interest rate of 10 percent and uses male models in its advertisements. The firm...
Arrows up or down. In the application on consumer loans in South Africa, the loan uptake rate as the interest rate decreased and when the model on the offer was switched from a man to a woman....
Find the following probabilities: P(-1 < Z < 1), P(-1.96 < Z < 1.96), P (-2.33 < Z < 2.33).
Tabletop Exercise (15%) Develop a tabletop exercise for your organization or community. The size and scope of your exercise can be whatever you need it to be in order for you to complete the...
Within the framework of the Porter Five-Forces Model of Competition, describe the competitive force of rivalry among competing sellers. What are some of the factors that increase the rivalry among...
The XYZ Corporation has decided to make some changes to help with the work-life balance of its employees. Currently, the organization has 40 employees: 25 full-time employees and 15 part-time...
Grocery prices tend to play a role in how people view inflation because of how frequent these purchases are for households. In the past four years grocery prices have jumped 25% which passes overall...
Bogg County is a rural area whose residents rely on farming for income. The most popular crop in Bogg County is tobacco, a very labor-intensive plant. To save money, many farmers employ Hispanic...
A certain medical device will result in an estimated $15,000 reduction in hospital labor expenses during its first year of operation. Labor expenses (and thus savings) are projected to increase at a...
Prepare a stock card using the following information A company is registered for GST which it pays quarterly, assume GST was last paid on the 30th of June 2019. It uses weighted average cost...
(Time Value Concepts Applied to Solve Business Problems) Answer the following questions related to Mark Grace Inc. (a) Mark Grace Inc. has $572,000 to invest. The company is trying to decide between...
(Analysis of Alternatives) Homer Simpson Inc., a manufacturer of steel school lockers, plans to purchase a new punch press for use in its manufacturing process. After contacting the appropriate...
(Analysis of Business Problems) Jean-Luc is a financial executive with Star ship Enterprises. Although Jean-Luc has not had any formal training in finance or accounting, he has a good sense for...
Physical Units Method, Relative Sales Value Method Farleigh Petroleum, Inc., is a small company that acquires high - grade crude oil from low - volume production wells owned by individuals and small...
A proposed $2.5 M investment in new equipment at a 100 MG/y M&Ms factory will save the plant $800,000/y in energy costs. Assuming an annual interest rate of 5%/y (compounded annually), and an...
Brief Exercise 10-7 Coronado Company obtained land by issuing 2,250 shares of its $14 par value common stock. The land was recently appraised at $103,240. The common stock is actively traded at $44...

In the long-run equilibrium in a perfectly competitive market, price is equal to both ________ and ________.

Question:

Step by Step Answer:

In the longrun equilibrium in a perfectly competitive market price is equal to both marginal cost an...View the full answer

Microeconomics Principles Applications And Tools

Students also viewed these Business questions

In the long-run equilibrium in a perfectly competitive market, price is equal to both and .