Select the fundamental features of the following:Pure Competition: exceptionally large variety of firms, no regulate over price, no nonprime competitionPure Monopoly: one firm, unique product, a lot control over priceMonopolistic Competition: identified commodities, many type of firms, some price controlOligopoly: few firms, standardized assets, many obstacles to entry
Under which of these industry classifications does each of the adhering to many accurately fit? a. A superindustry in your hometown Oligopolyb. The steel industryOligopolyc. A Kansas wwarmth farmPure competitiond. The commercial financial institution in which you or your family has an accountMonopolistic competitione. The auto industryOligopoly
produces appropriate outcomes in terms of low-cost manufacturing and allocative efficiency, and also deserve to be supplied as a basis of comparikid.

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Consider the statement: "Even if a firm is shedding money, it might be better to remain in service in the brief run." This statement isThe firm must produce in the brief run so lengthy as the price
The etop quality of marginal revenue and marginal price is necessary for profit maximization in all industry frameworks because as soon as this is true the
last unit created adds even more to revenue than to costs, and its production have to necessarily increase earnings or reduce losses.
Consider a firm that has actually no solved costs and also which is currently losing money. Are there any kind of cases in which it would desire to continue to be open up for organization in the short run?A firm via no resolved cost
When an sector is pudepend competitive, price have the right to be substituted for marginal revenue in the MR = MC dominance because
the demand also curve is perfectly elastic and also the price is consistent regardmuch less of the quantity demanded, so the MR is consistent and also equal to the price.
Suppose that the paper clip industry is perfectly competitive. Also assume that the market price for paper clips is 2 cents per paper clip. The demand curve faced by each firm in the market is:
A pudepend competitive firm whose goal is to maximize profit will certainly pick to develop the amount of output at which:
If it is possible for a perfectly competitive firm to execute better financially by creating rather than shutting dvery own, then it have to create the amount of output at which:
A perfectly competitive firm that renders vehicle batteries has actually a addressed cost of $10,000 per month. The market price at which it deserve to market its output is $100 per battery. The firm"s minimum AVC is $105 per battery. The firm is presently creating 500 batteries a month (the output level at which MR = MC). This firm is making a _____________ and also need to _______________ production.
Consider a profit-maximizing firm in a competitive industry. Under which of the adhering to cases would certainly the firm choose to produce where MR = MC?
Karen runs a print shop that provides posters for big carriers. It is a really competitive service. The market price is presently $1 per poster. She has solved expenses of $100. Her variable costs are $1,500 for the first thousand posters, $1,200 for the second thousand, and also then $800 for each additional thousand also posters.

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a. What is her AFC per poster (not per thousand!) if she prints 1,000 posters? $0.100What if she prints 2,000 posters? $0.050 What if she prints 10,000 posters? $0.010 b. What is her ATC per poster if she prints 1,000? $1.600 What if she prints 2,000? $1.400 What if she prints 10,000? $0.920 c. If the market price dropped to 75 cents per poster, would certainly tright here be any kind of output level at which Karen would not shut dvery own manufacturing immediately? No.

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