ECON 200 FINAL (EXAM 3)||
LATEST UPDATE 2025!!!
refer to the above graphs for a competitive market in the short run. What will happen in
the long run to industry supply and the equilibrium price P of the product? - ANSWER S
will decrease, P will increase
The diagram portrays: - ANSWER the equilibrium position of a competitive firm in the
long run.
Suppose that the corn market is purely competitive. If the corn farmers are currently
earning negative economic profits, then we would expect that in the long run the
market's: - ANSWER supply curve will shift to the left
A perfectly elastic demand curve implies that the firm: - ANSWER can sell as much
output as it chooses at the existing price
The MR=MC rule implies - ANSWER to firms in all types of industries
In a purely competitive industry: - ANSWER there may be economic profits in the short
run but not in the long run.
Refer to the diagram for a purely competitive producer. The firm will produce at a loss a
all prices: - ANSWER between p2 and p3
Refer to the diagram. At the profit-maximizing output, total variable cost is equal to: -
ANSWER 0CFE
Refer to the graphs above for a purely competitive market in the short run. The graphs
suggest that in the long run, as automatic market adjustments occur, the demand curve
facing the individual firm will: - ANSWER Shift down
Refer to the graphs above for a purely competitive market in the short run. The graphs
suggest that as long run adjustments consequently occur, the firms in the industry will
find that: - ANSWER Profits will decrease
If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its
marginal revenue: - ANSWER will also be $5
In the short run, the individual competitive firm's supply curve is that segment of the: -
ANSWER Marginal cost curve lying above the average variable cost curve.
LATEST UPDATE 2025!!!
refer to the above graphs for a competitive market in the short run. What will happen in
the long run to industry supply and the equilibrium price P of the product? - ANSWER S
will decrease, P will increase
The diagram portrays: - ANSWER the equilibrium position of a competitive firm in the
long run.
Suppose that the corn market is purely competitive. If the corn farmers are currently
earning negative economic profits, then we would expect that in the long run the
market's: - ANSWER supply curve will shift to the left
A perfectly elastic demand curve implies that the firm: - ANSWER can sell as much
output as it chooses at the existing price
The MR=MC rule implies - ANSWER to firms in all types of industries
In a purely competitive industry: - ANSWER there may be economic profits in the short
run but not in the long run.
Refer to the diagram for a purely competitive producer. The firm will produce at a loss a
all prices: - ANSWER between p2 and p3
Refer to the diagram. At the profit-maximizing output, total variable cost is equal to: -
ANSWER 0CFE
Refer to the graphs above for a purely competitive market in the short run. The graphs
suggest that in the long run, as automatic market adjustments occur, the demand curve
facing the individual firm will: - ANSWER Shift down
Refer to the graphs above for a purely competitive market in the short run. The graphs
suggest that as long run adjustments consequently occur, the firms in the industry will
find that: - ANSWER Profits will decrease
If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its
marginal revenue: - ANSWER will also be $5
In the short run, the individual competitive firm's supply curve is that segment of the: -
ANSWER Marginal cost curve lying above the average variable cost curve.
