22.08.2019-685 views -Test 7- econ 221
Term: ________________________ Class: ___________________ Particular date: __________
to discover 7
Determine the page of the choice that ideal completes the statement or answers problem.
The initially picture under depicts the charge curves for the representative organization in this correctly competitive sector. Initially, there are 100 firms. The second picture depicts industry demand.
a couple of
80000 one hundred thousand 120000 140000
1 . Guess that the firm produces three hundred units of output, simply how much are their particular total costs? a. 2700
2 . What is the short-run equilibrium selling price?
3. At the short-run sense of balance price, what is the quantity manufactured by each company? a. 600
4. On the short-run equilibrium price, what is per-firm earnings a. actually zero
5. In the long-run, what will happen to this industry?
a. Organizations will enter into. Supply is going to shift to the c. Organizations will get out of. Supply can shift for the right and price will certainly fall.
kept and price will rise.
b. Companies will quit. Supply is going to shift to the
d. Nothing at all, this is previously a long-run
right and price will certainly fall.
6. Precisely what is the long-run equilibrium earnings?
b. toll free
7. What is output every firm with the long-run balance price? a. 200
almost eight. In the long-run, how a large number of firms will probably be in this industry? a. 55
d. a hundred and twenty
being unfaithful. What is the marginal cost of the 1st unit of output?