Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 14.1, Problem 1QQ
To determine
The price of output and total revenue if the firm increases selling.
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When a competitive firm doubles the amount it sells, what happen to the price of its output and its total revenue
“An upward – sloping demand curve doesn’t make sense in my business. All I know is that if I raise my prices, revenue doesn’t go up, it goes down. I don’t sell more products, I sell less. “Can you straighten out this business man’s thinking?
If firms in a competitive industry incur an economic profit, what happens to supply, price, output, and economic profit in the long run? Explain
Chapter 14 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
Ch. 14.1 - Prob. 1QQCh. 14.2 - How does a competitive firm determine its...Ch. 14.3 - Prob. 3QQCh. 14 - Prob. 1QRCh. 14 - Prob. 2QRCh. 14 - Prob. 3QRCh. 14 - Prob. 4QRCh. 14 - Prob. 5QRCh. 14 - Prob. 6QRCh. 14 - Prob. 7QR
Ch. 14 - Prob. 8QRCh. 14 - Prob. 1QCMCCh. 14 - Prob. 2QCMCCh. 14 - Prob. 3QCMCCh. 14 - Prob. 4QCMCCh. 14 - Prob. 5QCMCCh. 14 - Prob. 6QCMCCh. 14 - Prob. 1PACh. 14 - Prob. 2PACh. 14 - Prob. 3PACh. 14 - Prob. 4PACh. 14 - Prob. 5PACh. 14 - Prob. 6PACh. 14 - A firm in a competitive market receives 500 in...Ch. 14 - Prob. 8PACh. 14 - Prob. 9PACh. 14 - Prob. 10PACh. 14 - Prob. 11PACh. 14 - Prob. 12PA
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- Distinguish the difference between the market demand curve and the demand curve that a particular firm in the industry faces. Why are the two curves different?arrow_forwardA. If a firm operating in a perfectly competitive market doubles the amount it sells, what happens to the price of its output and its total revenue? B. How does a competitive firm determine its profit-maximizing level of output? When does a competitive firm decide to temporarily shut down in the short run? Explain, using the concepts of marginal cost, marginal revenue, price, and average variable cost.arrow_forwardwhy does price equal marginal revenue for the perfectly competitive firm? what is the relationship to the demand curve for the firm?arrow_forward
- What is the profit margin for this firm at a quantity of eight?arrow_forwardWhich of the following will not cause the demand for product K to change?arrow_forwardIs a firm that satisfies the immediate needs and wants of target markets always doing what’s best for its consumers in the long run?arrow_forward
- Please graph what the market looks like with a short decrease in demand and what one firm looks like with a short run decrease in demand. Please make sure to graph your answer with all necessary labeling.arrow_forwardHow does a competitive firm determine the quantity that maximizes profit?arrow_forwardAssume that the market for pasta is in long-run equilibrium and that the pasta industry is a constant-cost industry. Explain with a graph and words what will happen to the price and quantity in the market when the demand for pasta decreases.arrow_forward
- What is the slope of average revenue curve in a market In which firm can sell more only by lowering the price?arrow_forwardWhat will happen to the demand curve for this toilet company in the long run? Describe two things that will happen to the demand curve. How much is the long run equilibrium quantity and price?arrow_forwardWhat is meant by a competitive firm? Explain the difference between a firm’s revenue and its profit. Which do firms maximize?arrow_forward
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