Long-run average total cost is the cost of production per unit of output under conditions in which all inputs are variable. The minimum point on the long-run average total cost curve defines theminimum efficient scalefor the firm. 企业的长期平均成本最小时的规模 Specialization efficiencies((劳动...
Underperfect competition, the market price of goods or services is where there isno excess supplyandno excess demand. Economists can determine this point by merging two graphical representations of supply and demand: the demand curve and the supply curve. Supply and demand curves You can graphicall...
Why is the demand curve of the firm under the perfect competition perfectly elastic? 1. Why does a perfectly competitive firm face a perfectly elastic demand curve? 2. Why does a monopolist face a downsloping demand curve? 3. Why are long-run profits not unl...
Under perfect competition, the industry has a negatively sloped market demand curve. Is this true or false? True or false? Perfectly inelastic demand occurs when the demand curve is horizontal. State true or false: The equilibrium price level and the ...
(i) Let us consider a situation where every day a firm sells 7 apples at the price of Rs. 10 each. So total revenue is Rs 70. Under perfect competition, since demand curve is perfectly elastic, if we need to sell an extra apple then we have to do that for Rs 10. In that case...
2. Because some degree of competition is present in most markets, many of the lessons that we learn by studying supply and demand under perfect competition apply in more complicated markets. II. Demand A. The Demand Curve: The Relationship between Price and Quantity Demanded 1. Definition of ...
MR和demand curve不重合,在纵截距上一样,横截距一半(一阶求导) 当MR=0时,total revenue 最大 Marginal cost(MR) 在讨论成本时,需要分长短期 short run:capital is fixed(plant and equipment) MC曲线穿过AVC/ATC的最低点 A. shutdown and breakeven under perfect competition ...
Competition (RetailShoes) (Automobiles) Price Discriminating Monopolist (Publisher) f.Wecanalsothinkaboutmarketsintermsofthedifficultyofentrywith i.competitivemarketsbeingeasytoenterand ii.monopolisticmarketsbeingdifficulttoenter. 3.Demand a.TheDemandCurve:TheRelationshipbetweenPriceandQuantity ...
To know a straight line, to distinguish it from a curve; to recognize a triangle and distinguish the several forms—what are these, and all perception of form, but a series of observations? Nor is it alone in securing these fundamental conceptions of number and form that observation plays ...
labor demand