12.In a perfectly competitive market, a. one large firm controls the market and
ID: 1094563 • Letter: 1
Question
12.In a perfectly competitive market,
a. one large firm controls the market and sets price, while the other smaller firms behave as price takers.
b. the products sold by each firm are only slightly different.
c. it's difficult for new firms to enter the market due to barriers to entry.
d. the output sold by a particular firm may be quite different from the output sold by the other firms in the market.
e. all firms produce and sell a homogeneous product.
17.
The table below shows how the output of wool fabric varies with the number of workers employed in a factory.
The average product of workers in this factory
Select one:
a. is maximized when 3 workers are employed per day.
b. declines steadily from 15 yards of fabric per worker per day to 10 yards of fabric per worker per day, as employment in the factory is increased from 1 to 7 workers.
c. is equal to 20 yards of fabric per worker per day, no matter how many workers are employed per day.
d. is maximized when 2 workers are employed per day.
22.
Select one:
a. it will shut down immediately.
b. it will produce 12 yards of fabric per day.
c. it will produce 7 yards of fabric per day.
d. it will produce 10 yards of fabric per day.
e. it will earn zero economic profit in the short run.
23.In a perfectly competitive market, Select one:
a. one large firm controls the market and sets price, while the other smaller firms behave as price takers.
b. the products sold by each firm are only slightly different.
c. it's difficult for new firms to enter the market due to barriers to entry.
d. the output sold by a particular firm may be quite different from the output sold by the other firms in the market.
e. all firms produce and sell a homogeneous product.
Labor Output (Number of Workers per Day) (Yards of Fabric per Day) 1 15 2 40 3 55 4 65 5 70 6 70 7 70 12.In a perfectly competitive market, a. one large firm controls the market and sets price, while the other smaller firms behave as price takers. b. the products sold by each firm are only slightly different. c. it's difficult for new firms to enter the market due to barriers to entry. d. the output sold by a particular firm may be quite different from the output sold by the other firms in the market. e. all firms produce and sell a homogeneous product. 17. The table below shows how the output of wool fabric varies with the number of workers employed in a factory. The average product of workers in this factory Select one: a. is maximized when 3 workers are employed per day. b. declines steadily from 15 yards of fabric per worker per day to 10 yards of fabric per worker per day, as employment in the factory is increased from 1 to 7 workers. c. is equal to 20 yards of fabric per worker per day, no matter how many workers are employed per day. d. is maximized when 2 workers are employed per day. 22. The graph above shows the average and marginal cost curves for the Banner Textile Company. The company produces corduroy fabric, which it sells in a perfectly competitive market. The current market equilibrium price for corduroy is $50 a yard. Assuming the firm maximizes profit, Select one: a. it will shut down immediately. b. it will produce 12 yards of fabric per day. c. it will produce 7 yards of fabric per day. d. it will produce 10 yards of fabric per day. e. it will earn zero economic profit in the short run. 23.In a perfectly competitive market, Select one: a. one large firm controls the market and sets price, while the other smaller firms behave as price takers. b. the products sold by each firm are only slightly different. c. it's difficult for new firms to enter the market due to barriers to entry. d. the output sold by a particular firm may be quite different from the output sold by the other firms in the market. e. all firms produce and sell a homogeneous product.Explanation / Answer
12) e. all firms produce and sell a homogeneous product
17)d. is maximized when 2 workers are employed per day.
22)Sorry, the graph is not visible.
23) e. all firms produce and sell a homogeneous product
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