Refer to figure 14-10. if there are 700 identical firms in this market, what is the value of q2?

Refer to Figure 14-10. If there are 700 identical firms in this market, what is the value of Q2?140,000210,000

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When the firm produces 150 units of output Its total cost is?
When new firms enter a perfectly competitive market?
When a competitive firm triples the amount of output it sells what is the result?
When price is greater than marginal cost for a firm in a competitive market?

280,000420,000Question40 / 10pointsFigure 14-10In the figure below, panel (a) depicts the linear marginal cost of a firm in a competitive market, and panel(b) depicts the linear market supply curve for a market with a fixed number of identical firms.Refer to Figure 14-10. If there are 700 identical firms in this market, what is the value of Q1?

Question510 / 10pointsTable 14-6The following table presents cost and revenue information for a firm operating in a competitive industry.COSTSREVENUESQuantityProducedTotalCostMarginalCostQuantityDemandedPriceTotalRevenueMarginalRevenue0$100--0$120--1$1501$1202$2022$1203$2573$1204$3174$120

5$3855$1206$4656$1207$5627$1208$6828$120Refer to Table 14-6. What is the marginal revenue from selling the 3rd unit?

Question610 / 10pointsTable 14-1QuantityPrice0$51$52$53$54$55$56$57$58$59$5Refer to Table 14-1. If the firm doubles its output from 3 to 6 units, total revenue will

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When the firm produces 150 units of output Its total cost is?

When the firm produces and sells 150 units of output, its average total cost is $24.50.

When new firms enter a perfectly competitive market?

When new firms enter a perfectly competitive market, the numbers of suppliers in the industry rise, the market quantity supplied at each level of prices will increase. This will shift the market supply curve to the right. Because the market demand curve does not change, the market price will fall.

When a competitive firm triples the amount of output it sells what is the result?

its total cost is less than $9,000. When a competitive firm triples the amount of output it sells, a. its total revenue triples.

When price is greater than marginal cost for a firm in a competitive market?

2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output.