Suppose an individual firm is one of many firms in a perfectly competitive market. Explain why this
Question:
Suppose an individual firm is one of many firms in a perfectly competitive market. Explain why this means the firm’s marginal revenue will be equal to the market price.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 38% (13 reviews)
If a firms output is small relative to the size ...View the full answer
Answered By
Amos Mawala
Hawk Research worked as a freelance writer;
Did timed exams for clients
Formulated assignments in accordance with prescribed
specifications
Edited assignments and ensured that they are accurate
and well presented
Completed tasks and submitted them in the required
format
Kept records of all completed assignments and filing
them.
Studypool worked as a freelance writer
Wrote essays for students in accordance with the
prescribed formats
Formulated assignments in accordance with prescribed
specifications
Edited assignments and ensured that they are accurate
and well presented
Completed tasks and submitted them in the required
format
Kept records of all completed assignments and filing
them.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Suppose that the identical firms in a perfectly competitive market for cakes have long-run total cost functions given by TC(Q) = 10Q3 - 60Q2 + 100Q. Total cost is independent of the number of firms...
-
In a perfectly competitive market, industry demand is given by Q =1,000 - 20P. The typical firms average cost is AC = 300/Q + Q/3. a. Confirm that Qmin = 30. (Set AC equal to MC.) What is ACmin? b....
-
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C = 50 + 4Q + 2Q2. The associated marginal...
-
In an attempt to prepare propylbenzene, a chemist alkylated benzene with 1-chloropropane and aluminum chloride. However, two isomeric hydrocarbons were obtained in a ratio of 2:1, the desired...
-
(a) Suppose the tension is increased in the previous problem. Does a wave take more, less, or the same time to travel from one end to the other? Calculate the time of travel for tensions of (b) 22 N...
-
When the light illustrated in Figure P35.21 passes through the glass block, it is shifted laterally by the distance d. Taking n = 1.50, find the value of d. 30.0 opl 2.00 cm
-
The Blue Ox Restaurant recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? a. Too much for liabilities b. Too much...
-
Airborne Travel uses the contribution margin income statement internally. Airbornes first quarter results follow. Airbornes relevant range is between sales of $201,000 and $463,000. Airborne Travel...
-
1 Little Electrodes, Inc. is a retailer that sells electronics and computer parts. The company's March 2023 transactions are below. (Total 50 points) 1. Record the General Journal Entriees (40 pts as...
-
Train the auto associative network for input vector [1-1 -1 1] and also test the network for the same input vector. Test the auto associative network with one missing, and two missing entries in test...
-
A firms long-run total costs are given in Table 12P-5. a. Fill in the long-run average total cost column. b. Over what production range does this firm experience economies of scale? c. Over what...
-
Paulina sells beef in a competitive market where the price is $5 per pound. Her total revenue and total costs are given in Table 13P-2. a. Fill out the table. b. At what quantity does marginal...
-
Solve each system using the substitution method. If a system is inconsistent or has dependent equations, say so. x = 6y - 2 3 y X=- 4
-
Why is the concept of probability important to understanding statistics?
-
Suppose there are four events A, B, C, and D. The following information is given: P(A) = .5 P(B) = .15 P(C) = .20 P(AUD) = .72 P(A | B) = .25 P(AC) = .04 P(AD) = .03
-
An automobile manufacturer produces cars in four different colors and offers three different options packages. How many different combinations of color and options package can the auto manufacturer...
-
An advertising agency suggests that a bicycle manufacturer advertises in four of the seven bicycling magazines. How many different combinations of four magazines can be selected?
-
Briefly define conditional probability. Give some examples of conditional probability.
-
A synchronous satellite is one that does not move relative to the surface of the Earth; it is always above the same location. Why does such a satellite not just fall straight down to the Earth?...
-
What are the two components of a company's income tax provision? What does each component represent about a company's income tax provision?
-
1. Your savings account pays 4 percent per year: Each $100 in the bank grows to $104 over a one-year period. If prices increase by 3 percent per year, by keeping $100 in the bank for a year you...
-
1. Your savings account pays 4 percent per year: Each $100 in the bank grows to $104 over a one-year period. If prices increase by 3 percent per year, by keeping $100 in the bank for a year you...
-
1. Your savings account pays 4 percent per year: Each $100 in the bank grows to $104 over a one-year period. If prices increase by 3 percent per year, by keeping $100 in the bank for a year you...
-
Wira Steel Industries had just announced the resignation of its CEO following another year of record losses. Just yesterday you had sold ( shorted ) the stocks at RM 6 . You think the stock price is...
-
1- What were the stages of development of the ELITE team? Identify specific examples of each stages of team development case. 2- How do you explain the team's reaching a high-performance condition?...
-
Read the Modules on the topic of Cost Analysis. Resolve the exercises below. Show how you obtained the results through a step-by-step computational approach. All verbal sentences should be written in...
Study smarter with the SolutionInn App