o C average fixed cost is $1.50 O D economic profit is $250 QUESTION 17 1 points
ID: 1106912 • Letter: O
Question
o C average fixed cost is $1.50 O D economic profit is $250 QUESTION 17 1 points Save Answer Which of the folowing is NOT a characteristic of a perfectly competitive O A Firms seek to maximize profits o B Products are differentiated OC Profits may be positive in the short run o D There are many fims QUESTION 18 1 points Save Answer Which of the following statements is NOT characteristic ef perfect competition? There are many producers one finn has a 25% market share, and all of the remaining firrms have a market share of less than 2% each B. All firms produce the same standardized product C There are no obstacles to entry into or exit tom the industry D There are many producers, and each has only a small market share QUESTION 19 1 points Save Answer Zoe's Bakery operates in a perfectly competitive industry and has standard cost curves The variable costs at Zoes Bakery increase, so all of the cost curves (except foxed cost) shift upward The demand for Zoe's pastries does not change, nor does the firm shut down. To maximize profits afher the variable cost increase, Zoe's Bakery will its price andits level of production. A decaease, increase oB raise. increase O C raise, decrease D D do nothing to, decrease QUESTION 20 1 points Save Answer Zoe's Bakery operates in a perfectly competitive industry When the market price of iced cupcakes is $5, the profit maximizing output level is 150 cupcakes Her average total cost io $4, and her average variable cost is $3 Zoos marginal cost is and her short-run profits are Ass, $150 O B.S1, 5150 CS5 S300 O D S1, $300 Click Save and Submit to save and submit. Click Save All Anscers to save all anpvers Save All Answers Save and SubmitExplanation / Answer
17- Products are differentiated is not the characteristic of perfectly competitive industry, as the products firms produce are identical. This means that every firm is creating the exact same product.
18- A is Not the charateristic of Perfect competition as all others are the characteristics of it.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.