Why is the perfectly competitive firm's long-run supply curve identical to its marginal cost curve lying above
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
The supply curve indicates the willingness of firms ...View the full answer
Answered By
Rishabh Ojha
During my undergraduate i used to participate as TA (Teaching Assistant) in several electronics and computers subject. I'm passionate about learning Computer Science as my bachelors are in Electronics but i learnt most of the Computer Science subjects on my own which Machine Learning also. At Present, i'm a working professional pursuing my career as a Machine Learning Engineer and i want to help others learn during my free hours, that's all the motivation behind giving tuition. To be frank i have no prior experience of tutoring but i have solved problems on opensource platforms like StackOverflow and github. ~Thanks
4.90+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Why is the perfectly discriminating monopolists marginal revenue curve identical to the demand curve it faces?
-
The perfectly competitive firm exhibits resource allocative efficiency (P = MC), but the single-price monopolist does not. What is the reason for this difference?
-
The perfectly competitive firm does not increase its quantity of output without limit, even though it can sell all it wants at the going price. Why not?
-
1. differences between debt financing and equity financing 2. accounting differences between preferred stock and common shares. 3. accounting for treasury shares; why do firms want to buy back their...
-
What are the key strategic options in supply chain management?
-
The economy consists of Will and Grace. They have identical utility functions U = 100(y i ) 0.5 where the marginal utility of income function is MU = 50(y i ) -0.5 . The total income available in the...
-
An irreversible machine is also called self-locking machine. True or False
-
Kelly Spaugh, course scheduler of a technical colleges business department, needs to assign instructors to courses next semester. As a criterion for judging who should teach each course, Kelly...
-
A soft tennis ball is dropped onto a hard floor from a height of 1.55 m and rebounds to a height of 1.12m. (Assume that the positive direction is upward.) (a) Calculate its velocity (in m/s) just...
-
In 1913, how long did the average worker stay with the plant? What was the average tenure of a worker? Assume the one-millionth vehicle was produced in 1916 at a cost of $8084 (in 2013 US$). By how...
-
Why do firms produce where MR = MC? Why not at the lowest point on their ATC curves? After all, it's the most efficient level of output.
-
Why are price and marginal revenue identical for the firm in perfect competition?
-
Represent the statement X = 3 Y in ASCII code. Attach an odd-parity bit.
-
In what ways is the fight-or-flight response helpful to humans in emergency situations?
-
PL Corporation has a December 31, 2005, year-end. The company submitted a purchase order for US$30,000 of equipment on July 1, 2005, when the exchange rate was C$1.00 = US$0.6500. It received the...
-
Each hemisphere controls the __________side of the body.
-
List the storage types available for provisioning on OCI VMs. A. Block storage B. NVMe SSD C. Object storage D. Flash storage
-
Solving a problem by trying to reduce the difference between the current state and the goal state is known as a ____________________.
-
The following four problems consider an isothermal single-phase flow reactor operating at steady-state and constant pressure. Given a dilute aqueous feed, C A0 , = C B0 = 100, A + 2B R + S, C A = 20....
-
What tools are available to help shoppers compare prices, features, and values and check other shoppers opinions?
-
Is a core competency believed to be a source of competitive advantage or corporate vision?
-
A price change causes the quantity demanded of a good to decrease by 30 percent, while the total revenue of that good increases by 15 percent. Is the demand curve elastic or inelastic? Explain.
-
The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever. Three people tried to explain the situation. Which explanations could be right?...
-
Suppose that your demand schedule for DVDs is as follows: a. Use the midpoint method to calculate your price elasticity of demand as the price of DVDs increases from $8 to $10 if (i) Your income is...
-
A 2-meter-tall basketball player attempts a goal 12.4 meters from the basket that is 3.05 meters high. If he shoots the ball at a 55 angle, at what initial speed must he throw the basketball so that...
-
Find the following. 2. 3 y(t) + 3y(t) 3+ = x(t) + 3 x(t) 3. y(t) - 1/2 y(t) x(t) = dt d 4. dt d 5. dt y(t) + 1/2 y(t) + y(t) y(t) + 1/2 y(t) = x(t) + x(t) = x(t)
-
1. Who are the people affected by rsum truth decisions? 2. Why might a job seeker have a duty to blur parts of his or her work history? 3. Why might an egoist lie on the rsum, and why not? 4. Does an...
Study smarter with the SolutionInn App