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Question 1

The graph below shows cost curves for a firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $10 (black line). This firm is earning

 

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Question 2

The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $16.28 (black line). What will happen in this market in the long run?

 

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Question 3

The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $18.33 (black line). What will happen in this market in the long run?

 

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Question 4

The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $16.98 (black line). What will happen in this market in the long run?

 

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Question 5

The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $13 (black line). What will happen in this market in the long run?

 

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