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If a perfectly competitive firm's price is above its average total cost the firm?
is earning a profit
Why will a perfectly competitive firm not earn an economic profit in the long run?
A perfectly competitive firm will not earn an economic profit in the long run because in a perfectly competitive market, there are many firms selling identical products, leading to price competition. This competition drives prices down to the point where firms only earn enough revenue to cover their costs, resulting in zero economic profit.
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
When a perfectly competitive firm is at its profit maximizing level of output you can say that it is?
is producing where price exceeds marginal costs
Can a perfectly competitive firm set a price for its products that is above marginal cost?
A perfectly competitive firm would set its prices at a perfectly competitive price.
If a perfectly competitive firm's price is above its average total cost the firm?
is earning a profit
Why will a perfectly competitive firm not earn an economic profit in the long run?
A perfectly competitive firm will not earn an economic profit in the long run because in a perfectly competitive market, there are many firms selling identical products, leading to price competition. This competition drives prices down to the point where firms only earn enough revenue to cover their costs, resulting in zero economic profit.
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where?
perfectly competitive industry become a monopoly， what changes
One difference between a perfectly competitive firm and a monopoly is that a perfectly competitive firm produces where -?
perfectly competitive industry become a monopoly， what changes
When a perfectly competitive firm is at its profit maximizing level of output you can say that it is?
is producing where price exceeds marginal costs
Can a perfectly competitive firm set a price for its products that is above marginal cost?
A perfectly competitive firm would set its prices at a perfectly competitive price.
When a perfectly competitive firm is at its profit maximising level of output it is?
maximizing the difference between total revenue and total cost
In a firm where assets are the major cost how is profit maximized?
By increasing revenues or the cost of the assets.
Marginal cost equals marginal revenue?
If the firm operates in a perfectly competitive industry, profit is maximised at the ouput level where mc=mr.
Is Apple Computer a perfectly competitive firm?
yes
Is it easier for a perfectly competitive firm or for a monopolist to determine price?
A monopolist has more control over pricing because it is the sole provider of a good or service, allowing it to set prices based on its desired profit maximization strategy. In contrast, a perfectly competitive firm is a price taker, meaning it must accept the market price determined by the overall supply and demand. Therefore, it is generally easier for a monopolist to determine price compared to a perfectly competitive firm.
What type of curve does the perfectly competitive firm face?
perfectly elastic demand function.
