Long run equilibrium for purely competitive industry

When a purely competitive industry is into long run equilibrium, in that case for the typical firm: (a) P = FC = TC = MC = MR = AR = AC. (b) P = AR = MR = SRMC = SRAC = LRMC = LRAC. (c) pure economic profits reward especially effective managers. (d) monopoly power tends to grow.

Hello guys I want your advice. Please recommend some views for above Economics problems.

View Complete Question

Related Questions in Microeconomics

Q : Question on utility function Assume a

Assume a consumer with the given utility function: U = 3y1y2 + 5. Suppose y2 = 1, derive the marginal utility schedule for y1. In what direction is it moving?

Q : Estimate minimum average costs

Robomatic Corporation could attain minimum average costs for RoboMaids when this produced: (1) 4,000 robots per month. (2) 6,000 robots per month. (3) 8,000 robots per month. (4) 10,000 robots per month. (5) 12,000 robots per month.

Q : Nominal wages If the nominal wages of

If the nominal wages of carpenters rose by 5 percent in the year of 2000 and the price level increased by 3 percent, then the real wages of carpenters: A) decreased by 2 percent. B) increased by 2 percent. C) increased by 3 percent. D) increased by 8 percent.

Q : Micro-macroeconomics in allocative

Economic questions involving both microeconomics and macroeconomics would take in the effects on allocative efficiency and economic development of: (i) War within the Middle East and skyrocketing international prices

Q : Wage Discrimination-supply labor curve

The employer with monopsony power which as well had the capability to wage discriminate perfectly would confront the marginal factor cost of the labor curve: (i) Similar to the supply of labor curve it faces. (ii) Lower than the supply of labor curve it faces. (iii) H

Q : State excess demand or inflationary gap

State excess demand or inflationary gap: Excess demand takes place whenever AD is bigger than AS at the level of full employment equilibrium.

Q : Marginal revenue at possible output

At each possible output level, there a purely competitive firm’s marginal revenue curve is: (w) above its demand curve. (x) below its demand curve. (y) identical along with its demand curve. (z) steeper than its demand curve.

Q : Price below perfect competition Who

Who decides price beneath perfect competition? Answer: Price under perfect competition is recognized by the forces of market demand and supply in business.

Q : Income tax rates and government

When line 0C0' in this figure shows the current Lorenz curve for the U.S. distribution of income after taxes and transfers, the probably short run outcomes of 10 percent cuts into both income tax rates and government transfer

Q : Economies of Scope-Firms using

Firms which use similar production facility or groups of inputs to concurrently generate various kinds of products are taking benefit of: (1) Tax loop-holes. (2) Variegated production. (3) Economies of scope. (4) Economies of scale. (5) Monopoly power.

Discover Q & A

Leading Solution Library

Avail More Than 1412012 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1925608
Asked

3,689

Active Tutors

1412012

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment