Question

Market supply in the short-run is the _______ of individual firms' _______ . Group of answer...

Market supply in the short-run is the _______ of individual firms' _______ .

Group of answer choices

sum; marginal cost curves

sum; average total costs

average; marginal cost

market average; total costs

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

It shall be noted that in the short run, the market supply curve is the horizontal sum of each individual firm’s supply curve (marginal cost curve above the minimum of the average variable cost). That is, the amount supplied by the total market equals the sum of what each firm in the industry supplies at a given price.

Hence, correct answer is sum; marginal cost curves

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A. In the competitive model, the short-run supply curve of a firm is its marginal cost...
A. In the competitive model, the short-run supply curve of a firm is its marginal cost curve (above minimum average variable cost) and the market supply curve is the horizontal summation of those marginal cost curves across all firms. Since marginal cost curves are upward-sloping, short-run supply curves must also be upward-sloping. Why – what is it that causes marginal cost curves to be upward-sloping in the short-run? (6)
When a firm leaves a perfectly competitive industry, Group of answer choices the individual demand curves...
When a firm leaves a perfectly competitive industry, Group of answer choices the individual demand curves facing remaining firms shift towards the point of minimum average cost in the long run. the short-run industry supply curve shifts to the right. at the new long-run equilibrium, the remaining firms in the industry will each receive a higher profit. short-run industry equilibrium is re-established at a new point along the original short-run industry supply curve.
Which statement about the short-run is true? Group of answer choices Marginal cost intersects the maximum...
Which statement about the short-run is true? Group of answer choices Marginal cost intersects the maximum of average variable cost. Marginal cost intersects the minimum of average variable cost . Marginal cost intersects the minimum of average fixed cost. None of the other answers is correct. Marginal cost intersects average total cost at the minimum of marginal cost
1) A perfectly competitive firm's short-run supply curve is its: A. average variable cost curve above...
1) A perfectly competitive firm's short-run supply curve is its: A. average variable cost curve above the marginal cost curve. B. marginal cost curve above the average fixed cost curve. C. marginal cost curve above the average total cost curve. D. marginal cost curve above the average variable cost curve. 2)Economic Profit A. (per unit) is price minus average variable cost. B. is correctly described by all of these. C. as a total amount, is (P - ATC) times quantity....
When all firms and potential firms in a market have the same cost curves, the long-run...
When all firms and potential firms in a market have the same cost curves, the long-run equilibrium of a competitive market with free entry and exit will be characterized by firms Group of answer choices facing the prospect of future losses. operating at the efficient scale. earning small but positive economic profits. that work together to raise market prices.
74. Which of the following statements is true? Group of answer choices a. The short-run aggregate...
74. Which of the following statements is true? Group of answer choices a. The short-run aggregate supply curve is downsloping. b. The short-run aggregate supply curve is vertical. c. The long-run aggregate supply curve is vertical. d. The long-run aggregate supply curve is upsloping.
1. n number of firms operate in a perfectly competitive market in the long run. The...
1. n number of firms operate in a perfectly competitive market in the long run. The marginal cost for each rm is MC = 30 − 16q + 3q 2 and the average cost is AC = 30 − 8q + q 2 . The market demand is QD = 4600 − 100P. Determine the individual supply by each rm, the market price, and the number of rms (n).
In the short run there are 400 firms in a perfectly competitive market, all with the...
In the short run there are 400 firms in a perfectly competitive market, all with the same total cost function: SRTC = 2.5q2 + 5q + 40. Suppose the market demand curve is represented by P = 165 - 0.0875Q. The profit earned by each firm in the short run is a. $0 b. -$40 c. -$50 d. $30 e. $75 Each firm in a perfectly competitive market has long-run total cost represented as LRTC = 100q2 - 10q +...
A perfectly competitive short-term industry supply curve is the vertical sum of the marginal cost curves...
A perfectly competitive short-term industry supply curve is the vertical sum of the marginal cost curves of individual companies above the ATC. True Or False？
16. The short-run equilibrium in a perfectly competitive market is determined by the _____ a. intersection...
16. The short-run equilibrium in a perfectly competitive market is determined by the _____ a. intersection of the market demand and the largest firm's marginal cost curve. b. intersection of the market demand and market supply curves. c. intersection of the market supply curve and the most profitable firm's demand curve. d. intersection of the market supply curve and the demand curve of the largest firm in a market. e. intersection of the market demand and the largest firm's supply...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT