Long run equilibrium price

When Christmas tree farming is a decreasing cost industry and this firm is typical, in that case an increase in the market demand for Christmas trees will give in a long run equilibrium price: (1) greater than P₁. (2) less than P₂. (3) more than P₃ but less than P₂. (4) more than P4 but more than P₃. (5) less than P₄.

101_supply and demand1.png

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

View Complete Question

Related Questions in Microeconomics

Q : Problem based on type of economy Tell

Tell me the answer of this question. Economists would describe the U.S. automobile industry as: A) purely competitive. B) an oligopoly. C) monopolistically competitive. D) a pure monopoly.

Q : Function of money in economy State the

State the main function of money in economy? Answer: The major function of money in an economic system is to ease the exchange of services and goods.

Q : What is Imperfect data Imperfect data :

Imperfect data: Most studies start with imperfect data. Few datasets involve the entire population of interest. Typically, the data has been gathered by others for specific purposes, and as such may have built in b

Q : Operations of constant cost industries

Purely competitive industries operating under circumstances of constant cost have long-run supply curves which are: (w) horizontal. (x) upward sloping. (y) downward sloping. (z) equal to LRATC for every firm. Can a

Q : Completely controls output of a product

Through the strict economic description that a monopoly is: (i) necessarily a very large firm. (ii) one of a few large firms that dominate a market. (iii) a lone firm which completely controls the output of a product along with no close substitu

Q : Short run operation and long run

When Presidio, Hybrid Roses and Texas boomed learned which its rent and utilities had soared upward by $9 per hour hence a new five-year lease would now cost $60 per hour, therefore this monopolist will: (w) continue to realize positive economic profi

Q : Effect on total revenue by raises price

A price raise from $6 to $8 would effect in: (1) a decrease in total revenue. (2) an increase in total revenue. (3) no change in total revenue. (4) consumers buying more pizza. (5) pizza parlors selling more pizza.

Q : Labor Productivity The American workers

The American workers tend to be much productive than their counterparts in the South America or Asia in part as they have: (i) Superior natural genetic endowments. (ii) Access to the better sports programming, that promotes the team-work. (iii) More capital to work wi

Q : Short-run supply curve for a

For a competitive firm, the short-run supply curve is the portion of its: (w) AVC curve that lies above the ATC curve. (x) MC curve which rises above its AVC curve. (y) MC curve which is upward sloping. (z) AFC curve which lies above the MC curve.

Q : Maximum possible total revenue by sales

Maximum possible total revenue by sales of the especially popular St. Valentine’s Day software is about: (i) $140 million. (ii) $250 million. (iii) $350 million. (iv) $420 million. (v) $1 billion.

Discover Q & A

Leading Solution Library

Avail More Than 1412848 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1934397
Asked

3,689

Active Tutors

1412848

Questions
Answered

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

Submit Assignment