Market is perfectly competitive-is in long-run equilibrium

Assignment Help Business Economics
Reference no: EM13987240

If a market is perfectly competitive and is in long-run equilibrium, which of the following conditions does not hold?

Price is equal to the minimum long-run average cost of production.

Economic profit equals zero.

The value of the last unit of output produced is equal to the value of the resources used to produce it.

There is an incentive for additional firms to enter the market because existing firms are earning revenues in excess of the explicit costs of production.

Reference no: EM13987240

Questions Cloud

Clinical experience in which you providing care for patient : To prepare: Consider a recent clinical experience in which you were providing care for a patient. Determine the extent to which the care that you provided was based on evidence and research findings or supported only by your organization's standard..
Explain the role of sensitivity analysis : Do you think Starbucks has grown rapidly because of its ethic and social responsible activities or because it provide products and environment customer wants?
Per unit prices of capital and labor-production process : Assume a firm is currently employing 20 units of capital and 100 units of labor in its production process. Assume also that the marginal product of the 20th unit of capital is 40 units of output, the marginal product of the 100th unit of labor is 10 ..
Review the consensus model for aprn regulation : Review media presentation with Dr. Terry Buttaro in the Learning Resources. Review the Consensus Model for APRN Regulation and the National Organization for Nurse Practitioner Faculties Core Competencies and population foci competencies
Market is perfectly competitive-is in long-run equilibrium : If a market is perfectly competitive and is in long-run equilibrium, which of the following conditions does not hold?
What is magnitude and direction of friction force : A block of weight w = 25.0 N is at rest on a rough surface inclined at an angle θ= 30.0o with respect to the horizontal.Draw Free Body Diagram and What is magnitude and direction of friction force and the normal force on the block?
Estimate the price elasticity of demand for hamburger : Assume an analyst has been hired to estimate the price elasticity of demand for hamburger (which sells for about $2.30 per pound) and filet mignon (which sells for about $20 per pound), respectively. Considering the different determinants of the pric..
Assume a perfectly competitive firm is producing : Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $8, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $6. Based on this information, the firm is:
Assume the demand for a good is price inelastic : Assume the demand for a good is price inelastic, i.e., ed

Reviews

Write a Review

Business Economics Questions & Answers

  What is the law of demand

Insurers want to understand the Bay Area market for pediatric physician primary care services, to help decide the appropriate reimbursement rate for a pediatric primary care visit. Let the demand for pediatric visits be Q = 240 – P, and let the suppl..

  What is the short-run market supply curve

Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.

  How is economic growth affected by prevailing employment

Describe the economic growth scenario for U.S in the aftermath of the Great Recession. Explain.  Explain this: how is economic growth affected by prevailing employment or unemployment levels in the economy?

  Can you precisely show the calculus part of ramsey

Can you precisely show the calculus part of ramsey, olg, solow, endogenous growth theories in a very advanced level? With omitting unnecessary interpretations?

  What is the effect on unemployment

Suppose short-run output exceeds full potential output by 3 percent. According to Okun's law, what is the effect on unemployment? Assuming that inflationary expectations are constant, what is the effect on wages?

  Offer tickets to a movie at zero marginal cost

Suppose the demand for a movie ticket can be written as: If the cinema can offer tickets to a movie at zero marginal cost and can verify the purchaser’s age, what prices will be charged?

  What is effective rate of protection for steel industry

Suppose that it take $100,000 of steel to produce $2,000,000 of cars. If the nominal tariff on steel is 10% for the steel and 20%for cars, what is the effective rate of protection for the steel industry?

  Q1 a farmer determined a natural gas preserve on his

q1. a farmer determined a natural gas preserve on his property. he can extract the natural gas for a profit of 40 per

  What if the airline offers refundable business class tickets

In the model for airline seat pricing, we studied the case of non-refundable tickets. What if the airline offers refundable business class tickets. You can buy a business class ticket and return it for a full refund if you do not fly.

  Did the equipment purchase prove to be desirable

a finn purchased some equipment at a price of $30000, the resulted in an annual net saving of $1000 per year during the 8 year period. at the end of the 8th year, the equipment was sold for $40000. assuming interest of 8%. did the equipment purcha..

  Compounded semi-annually for the time the bond was held

An investor buys a 3% 20-year bond with a face value of $1000 for $1088. After receiving semi-annual dividend payments for 11 years, the investor decides to sell it. What would the sale price need to be to get an ROI of 4% per year compounded semi-an..

  Firm undertakes the drug development project

Assume that a pharmaceutical firm knows it can develop a new drug in 12 years at an upfront cost of $300m (incurred in year 1). If the firm undertakes the drug development project, it knows it can earn an annual profit of $200m in each year (starting..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd