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Question 1

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

Suppose that the equilibrium price is $5 (black line). What will this firm do in the short run?

 

Hint


Question 2

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

Suppose that the equilibrium price is $7 (black line). What will this firm do in the short run?

 

Hint


Question 3

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

Suppose that the equilibrium price is $14 (black line). What will this firm do in the short run?

 

Hint


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 (black line). What will this firm do in the short run?

 

Hint