Explain why the following conditions are typical under perfect competition in the long run. a. P =
Question:
a. P = MC
b. P = minimum ATC
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
a Firms maximize profits minimize losses by choosing output wher...View the full answer
Answered By
Collins Omondi
I have been an academic and content writer for at least 6 years, working on different academic fields including accounting, political science, technology, law, and nursing in addition to those earlier listed under my education background.
I have a Bachelor’s degree in Commerce (Accounting option), and vast knowledge in various academic fields Finance, Economics, Marketing, Management, Social Science, Women and Gender, Business law, and Statistics among others.
4.80+
4+ Reviews
16+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Explain why the following carboxylic acids cannot be prepared by the malonic ester synthesis: a. b. c. CH COH CH2 CHCH,COH CH O CH3CCH2COH CH3
-
Explain why the following are examples of monopolistic competition. a. There are a number of fast-food restaurants in town, and they compete fiercely. Some restaurants cook their hamburgers over open...
-
Explain why the following reactions might reflect some deviation from rationality. a. After a widely reported earthquake in California, many people call their insurance company to apply for...
-
What steps have been taken in the EU to provide lighter accounting regulation for micro-entities?
-
Identify four examples of nonfinancial performance measures and explain what four different aspects of performance they might be used to monitor.
-
Calculating Profitability Ratios Country Boy, Inc., has sales of $24 million, total assets of $18 mil lion, and total debt of $7 million. If the profit margin is 8 percent, what is net income? What...
-
The following data pertain to the growth of a colony of bacteria in a culture medium: (a) Plot \(\log y_{i}\) versus \(x_{i}\) to verify that it is reasonable to fit an exponential curve. (b) Fit an...
-
What internal control procedure(s) would best prevent or detect the following problems? a. A production order was initiated for a product that was already overstocked in the companys warehouse. b. A...
-
Sam Green was riding his bicycle along a road that was under construction; although he was riding against traffic instead of with traffic as required by law, he was off the pavement at the time...
-
Jia Inc. applies ASPE and had the following statement of financial position at the end of operations for 2013: During 2014, the following occurred: 1. Jia Inc. sold some of its fair value-net income...
-
Complete the following table and identify the profit-maximizing output. a. b. What is true about marginal revenue and marginal costs when profit is maximized? c. What would be the profit-maximizing...
-
Discuss the following questions. a. Why must price cover AVC if firms are to continue to operate? b. If the firm is covering its AVC but not all its fixed costs, will it continue to operate in the...
-
If x 4 (x) x 2 for x in [-1, 1] and x 2 (x) x 4 for x < -1 and x > 1, at what points c do you automatically know lim xc (x)? What can you say about the value of the limit at these points?
-
John sells his entire interest in Nova, L.P. to Sue. John receives $10,000 in cash from Sue in exchange for his Nova L.P. interest. John's basis in his partnership interest is $9,000, which includes...
-
City of riverbed receives the final invoice of $3000 for items previously orders. The purchase order was issue and encumbered in the prior year fiscal year for $2500. What is journal entry for fund...
-
A company's net sales are $8,500,000, cost of goods sold is $6,200,500 and accounts receivable are $2,150,000. What is the impact on cash flow and financing need of a 9-day reduction in accounts...
-
This problem asks you to compute worst-case run times of given algorithms. Consider the following algorithm r = 0; for i in the range [1, n] { for j in the range [i, n] } for k in the range [1, j-i]...
-
Q1 - Analyse 3 types of buyer-supplier relationships and identify which you belive to be the most beneficial in achieving long term goals between buyers and suppliers .Substantiate your answer . Q2 -...
-
Factor each expression in Problems 3748 by using areas. r+5+6
-
Kims Konstructions has assembled the following data for a proposed straw-reinforced brick maker (SRBM): SRBM Cost: $26,000 Life: 5 years Revenue (p.a.) $11,000 Operating Expenses (p.a.) $3,000...
-
If you were to construct a demand curve for a required text in a course, where would that demand curve intersect the horizontal axis?
-
Why is free entry necessary for monopolistic competition?
-
What are some of the ways in which competing business firms are more constrained in trying to change your preferences than are government officials?
-
Why are many sellers necessary for monopolistic competition?
-
Create a class named Account that contains: A private int data field named id for the account (default 0). A private double data field named balance for the account (default 0). A private double data...
-
The next Java code needs to be converted from static to dynamic (just addd changes in same code): import java.util.Scanner; class MyIntStaticCircularQueue { int capacity = 2; int queue[] = new...
-
Hi! Would a tutor be able to assist me on this? In a complete graph with 48 vertices, how many vertices will be in each node's adjacency list? How many entries will be in the adjacency matrix for...
Study smarter with the SolutionInn App