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Purely competitive industries operating under circumstances of constant cost have long-run supply curves which are: (w) horizontal. (x) upward sloping. (y) downward sloping. (z) equal to LRATC for eve
Expansion of the industry in increasing cost industries causes: (w) increases in each firm’s costs at every level of output. (x) decreases in each firm’s costs at every level of output. (y
Limitation of departmentation
Within increasing-cost industries average there are: (w) production costs fall as output increases. (x) production costs rise as the number of firms in the industry grows. (y) production costs rise wh
When supplies of some resources are upwardly sloping to an industry, in that case increasing the industry’s output results within: (w) higher output due to increased profits from falling input p
When purely competitive firms operate within increasing cost industries, several: (1) individual firms’ supply curves should be horizontal. (2) firms should experience decreasing returns to scal
When governments compelled pharmaceutical producers to manufacture and sell at least Q3 penicillin, in that case the: (1) purely-competitive firms which produced penicillin would experience persistent
When pharmaceutical manufacturers conspire to generate only Q1 penicillin, in that case the: (i) purely-competitive firms which produced penicillin would experience economic losses. (ii) resulting exc
The socially optimal production of penicillin arises while quantity: (a) Q1 is produced and sold at price P1. (b) Q1 is produced and sold at price P3. (c) Q2 is produced and sold at price P2. (d) Q3 i
Society as entire benefits most when the distribution and production of penicillin corresponds to: (a) point a. (b) point b. (c) point f. (d) point d. (e) point g. Please choose the right answer fr
When the distributions of income were suitable, when there were no externalities, and when the economy was purely competitive, in that case market forces would yield production and distribution of pen
Characteristics of industries which are not characteristics internal to operations of an individual firm include: (1) potential principal-agent problems. (2) diseconomies of scale. (3) production cost
Long-run supply curve of a purely competitive industry has a slope which is: (w) negative to offset the positive slope of each firm’s short-run supply. (x) positive to reflect the positive slope
Profit for purely competitive firms tends in the direction of zero in the long run since: (w) managers resist charging more than a fair price. (x) firms collude to charge prices which barely cover ave
The typical firm produces in a purely-competitive long-run equilibrium where price equals as: (1) short-run average cost. (2) marginal cost. (3) long-run average cost. (4) average revenue per unit. (5
Long-run equilibrium occurs while: (w) MR = MC > P (x) P = MC = MR = ATC (y) ATC > P = MC(z) P = MR = MC = AFC I need a good answer on the topic of Economics problems. Please give me your sugge
Purely-competitive markets are NOT characterized through: (i) substantial barriers to entry and exit. (ii) many small potential buyers. (iii) many small potential sellers. (iv) homogeneous products. (
Several market structures may pivot around goods which are heterogeneous, however the only market structure that absolutely needs goods to be differentiated within the minds of consumers of: (1) perfe
From about 1890 till 1970, the “structure-conduct-performance paradigm” dominated theories concerning how firms behave in various kinds of markets. The word “conduct” in this c
When a purely competitive industry is within equilibrium as well as all firms in the industry are operating along with economies of scale, in that case the industry is in: (w) long-run and short-run e
When a purely competitive industry is into long run equilibrium, in that case the total: (w) costs of all the firms’ combined outputs are minimized. (x) revenues of the industry are maximized. (
This would be a fallacy to suppose that: (w) a purely competitive firm’s demand curve is perfectly elastic. (x) a purely competitive firm’s supply curve is the marginal cost above the mini
Long-run output and equilibrium price combinations describe a purely competitive industry’s: (w) demand curve. (x) long-run supply curve. (y) expansion path. (z) contract curve. I need a good a
A function of negative economic profits is to: (w) attract new firms into the industry. (x) keep competition within. (y) signal to other firms to invest their capital into this industry. (z) correct r
Rising economic profits within a competitive market do NOT produce pressures for: (i) expansions of existing firms. (ii) entry by new firms. (iii) price hikes. (iv) increases in costs for specialized