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Pane Page Width Window All Show De Reset Window Position Switch Macros Zoom Windows Window Macros supply Quiz 8 Perfect Competition Price Student: MC ATC 03 02 01 GO AVC Market Quantity Firm Quantity DO to DI. then: 2. Refer to the graph above depicting a perfectly competitive market and firm. If market demand decreases from MC A. market price falls from PO to Pl and the firm's output rises from q0 to q1. B. market price falls from PO to Pl and the firm's output falls from qi to qu. ATC C. market price remains at PO because perfectly competitive firms can't earn positive economic profit. D. the firm's output remains at ql because perfectly competitive firms can't earn positive economic profit AVC 3. Suppose that the firms in the oat industry are currently receiving a price of $2 per bushel for their product and there are constant retums to scale. I he minimum possible average total cost of producing outs in the long run is (III) $1 per bushel. Other things being equal, it follows that A. the price of oats will be $2 in the long run. B. the price of oats will be somewhere between $1 and $2 in the long run. 1. Refer to the graphs above. Which graph depicts a perfectly competitive firm that will minimize short-run C. the price of oats will be St in the long run. D. it is not possible to determine the price of outs in the long run from the information given. losses by producing zero output? A. Graph I B. Graph II C. Graph III D. Graph IV H Price. Com 2 23 2 1 5 3 504. Refer to the graph above. If the market price is Pl the firm will A. shut down. Supp H. produce. Q1 in the short-run but shut down in the long-run Price [. produce ()3, earning a profit. ATC 3. produce ()2, breaking even. PO q0 q1 2 Market Quantity Firm Quantity b. Refer to the graph above depicting a perfectly compet 10 to 131, then in the short run: A. market price rises from PU to Pl and the firm's output rises from qu 1209 1208 1409 B. market price rises from PO to Pl and the firm's output rises from QU to Q1. lion pur C. market price remains at I'D because carn positive economic profit. D. the firm's output remains at qu bec selly competitive I Economic profit 5. Refer to the graph above. Assuming that the industry continues to operate under conditions of perfect 7. Long-run competitive equi competition and that the cost curves do not shift, in the long run this firm will produce: A average costs to be zero for all firms A. 800 units of output. B. price to be zero for all firms in the 1. 1090 units of output. C. economic profits are zero for all firms in the ( 1 200 units of output. Deaccounting profits are zero for all firms in the ind 1. 1400 units of output. &. Suppose there are 1000 firm in a perfectly compent and each maxi output when market price is 31 00 per unit. One of the pon e mulkel sup lee 325 and quantity supplied 129. Heprice 525 and quantity supplied : 24.gou ( price al and quantity supplied 12 D. price stand quantity supplied9. During a recewee. be free of rewarand mocks bilk by over its pecoz I've mal Machy came to A. an upward died of be demand cone ATC C DF