I need help with the questions given below and provide explanation.
QUESTION 3 Which of the following statements is not correct? O For perfectly competitive firms, marginal revenue equals average revenue. O For perfectly competitive firms, average total cost equals marginal cost at the long-run equilibrium. O Average revenue equals total revenue divided by the quantity produced. O Only for competitive firms does average revenue equal the price of the good.
QUESTION 8 Wheat is produced in a perfectly competitive market. If market demand increases, the individual wheat farmer's marginal revenue will and his profit-maximizing rate of output will O increase; increase increase; decrease decrease; increase decrease; decrease O increase; remain unchanged
QUESTION 9 Consider the figure below. If the industry is perfectly competitive and the market price is $15, what do we expect to happen in the long run? S₁ P $15 D₁ \D₂ Supply will shift from S1 to S2 Supply will shift from S2 to S1 Demand will shift from D1 to D2 O Demand will shift from D2 to D1 MC میرا ATC MR P
I need help with the questions given below and provide explanation.
-
- Site Admin
- Posts: 899603
- Joined: Mon Aug 02, 2021 8:13 am