Question: https://youtu.be/krUu_u63MiA Click and watch this videoclip, then answer the questions listed below. From Short-run to Long-run in Perfect Competition Note: Copy and answer the questions.

https://youtu.be/krUu_u63MiA

Click and watch this videoclip, then answer the questions listed below.

From Short-run to Long-run in Perfect Competition

Note: Copy and answer the questions.

Answers should be relevant to the videoclip,concise and complete to get the maximum points for each question.

1. Explain how an individual firm makes

a) economic profits

b) breaks-even and

c) loses from short run to long run.

2. What causes the price to increase? to decrease? Explain thr answer.

3. What will be the effect to the equilibrium price as firms leave the industry?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

MNG3701/101/3/2016 Tutorial Letter 101/3/2016 Strategic Planning MNG3701 Semesters 1 and 2 Department of Business Management IMPORTANT INFORMATION: Please activate your myUnisa and myLife email...

Q:

Please help me with this assignment, 100% human! Reference book George, J. M. (2024). Contemporary management (12th ed.). McGraw-Hill Education. keiser library Syahbinah, S., & Suhardianto, N....

Q:

Strategic Management Frank Rothaermel,6eRelease: 6th Edition Please include a word count of your post (excluding citations and references), no matter whether it is an initial post or a reply, at the...

Q:

Homework - Chapter 21 - Due Mar 26, 2023 11:59 PM ECO 202 03 - Introduction to Microeconomics For this weeks homework, choose any three of the chapter 21 questions to complete. In a Word or Google...

Q:

LST2BSL Introduction to Business Law and Ethics Common Law Assignment INSTRUCTIONS 1. This assignment is worth 20% of your final mark for this subject. 2. All questions must be answered. 3. With...

Q:

ECO550 Week 7 Discussion Board 7 Predicting Price-Setting Strategies...

Q:

A STUDENT GUIDE TO INTRODUCTORY & FOUNDATION LEVEL CASE STUDY ASSIGNMENTS Using the 8 Step American Management Association (AMA) Problem Solving and Case Analysis Process Sally Armstrong, May 2005....

Q:

Unit Information PEN593 Energy Economics Teaching Period: S2 2022 This guide should be used in conjunction with the Handbook as the official source of information about this unit. Refer to myMurdoch...

Q:

Help me work on this.. Figure 15-5 Price level (GOP deflator, 2000 100) SRAS AD Real GDP (trillions of 2000 dollars) 8.) Refer to Figure 15-5. Suppose the economy is in short-run equilibrium above...

Q:

Reed these three chapters. Chapter 1, 8, and 9. Wryte a 2-3 paragrafff summary on each chapter. Be sure to label each chapter summary. play.google.com @ 5 + (107) Relaxing Music For Stress Relief,...

Q:

Multiple Choice Questions 1. Which one of the following managerial accounting approaches attempts to allocate manufacturing overhead in a more meaningful fashion? a. Activity-based costing b....

Q:

During fiscal 2004, Georgia-Pacific Company called the following bond issuances: In groups of three or four: 1. Identify the face value, coupon rate, and maturity of each of the bond issues. 2....

Q:

Thomas is seeking to obtain long term Medicaid coverage for nursing home. His current assets are worth $ 1 5 0 0 . Thomas is unmarried. When Thomas meets with a financial advisor, the advisor tells...

Q:

Which of the following transactions would increase the duration of a firm's assets? I.make more floating rate loans II. Make more long term loans III. purchase Futures Contracts iV. Sell future...

Q:

=+ a. What happens to the labor demand curve?

Q:

=+to work more, because the reward for working an additional hour has risen (equivalently, the opportunity cost of leisure has gone up). Apply these concepts to Blanchards hypothesis about

Q:

=+ b. How would this change in productivity affect the labor marketthat is, employment, unemployment, and real wagesif the labor market is always in equilibrium?