Perfect competition and the supply curve - the industry supply curve - the cost of production and Efficiency in the Long-Run Equilibrium
7 important questions on Perfect competition and the supply curve - the industry supply curve - the cost of production and Efficiency in the Long-Run Equilibrium
What is the value of marginal cost in a PC industry in equilibrium? Why?
- The value of marginal cost is the same fir all firms.
- Because all firms produce the quantity of output at which marginal cost equals the market price,
- and as price takers they all face the same market price
in a PC industry in equilibrium,with free entry and exit what will happen to profits in the loong run? why?
- There will be zero economics profit
- because each firm produces the quantity of output that minimizes its average total cost, so the total cost of production of the industry's output is minimized in a perfectly competitive industry
in a PC industry in equilibrium what will happen when there is increasing cost across the industry
- The high market price will give the entrants a positive economic profit,
- but for the last entrants they do not get positive economic profit because, average costs will be minimized as the industry reaches long run equilibrium
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When the long run market equilibrium of a perfectly industry is efficient what does that mean for mutually beneficial transactions?
- no mutually beneficial transaction go unexploited
- When all consumers who have a willing ness to pay grater than or equal to the sells cost get the good
- and when the market price matches all consumers with a willingness to pay greater than or equal to the market price to all sellers who have a cost of producing the good less than or equal to the market price
What tells us that production is efficient in the LRE of a PC industry?
What tells us that the allocation to goods to consumers is efficient?
What does the force of competition make producers responsive to?
- Changes in consumers' desire,
- changes in technology
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