Does a competitive firm’s price equal its marginal cost in the short run, in the long run, or both? explain

Question

04-08-2022
Business

Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Does a competitive firm’s price equal its marginal cost in the short run, in the long run, or both? explain

Sagot :

Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.

Use the stem-and-leaf plot to answer the question: How many days show sales of less than 70 cups?Cups of coffee sold at a coffee vending machine outlet in two w

28) Where should you store raw fish in a refrigerator?A. Below ready-to-eat foods B. In a box of ice on the floor C. On the top shelf above other foods

What is the equation of the line that passes through the points [tex]$(5, -3)$[/tex] and [tex]$(6, -1)$[/tex]? Write your answer in slope-intercept form.

The area of a rectangle is 5x³+19x²+6x-18 with length x+3. Using synthetic division, what is the width of the rectangle?a. 5x²+4x-6b. 5x²+34x+108+ 306/x+3c. 5x³

Mark looked at the statistics for his favorite baseball player, Jose Bautista. Mark looked at seasons when Bautista played 100 or more games and found that Baut

Observa la secuencia:[tex]\[ \begin{array}{l} -278 \\ 11 \\ -5 \end{array} \][/tex]What is the next number in the sequence?

In a document, the space on the page surrounding and in between the print is known as______

Question 20 of 20:Select the best answer for the question.Which of the following is an example of a proper fraction?A. [tex]$\frac{7}{6}$[/tex]B. [tex]$\frac{3}

Find the first four terms of the sequence defined below, where [tex]$n$[/tex] represents the position of a term in the sequence. Start with [tex]$n=1$[/tex].[te

please help me solve this!

rafikiedu03 rafikiedu03 · Answer 1 · 2022-08-11T07:55:56-04:00

The price of a firm is equal to its marginal cost in both the short and long run. In both the short and long run, price equals marginal revenue. Firms should increase output as long as marginal revenue exceeds marginal cost, and reduce output if marginal revenue is less than marginal cost.

Note that when we are in long-term equilibrium, we are also in short-term equilibrium. In the long run, P = min(ATC), and the entering firm chooses the set with the lowest ATC. The MC curve intersects ATC at min(ATC), so the same quantity has a price equal to MC.

For a perfect competitor, marginal return equals price and average return. This means that the firm's marginal cost curve is a continuous supply curve with values greater than the average variable cost. If the price falls below the average variable cost, the company will be closed.

In a perfectly competitive market, price equals marginal cost in both the short and long run.

Learn more about the firm here https://brainly.com/question/15130516

#SPJ4

Sagot :

Other Questions