1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
zalisa [80]
3 years ago
8

The minimum feasible​ long-run average cost for firms in a perfectly competitive industry is ​$48 per unit. If every firm in the

industry currently is producing an output consistent with a​ long-run equilibrium, calculate the marginal cost incurred by each firm and the market price. Marginal cost is ​$ nothing and market price is ​$ nothing. ​(Enter your responses as whole​ numbers.)
Business
1 answer:
nalin [4]3 years ago
6 0

Answer:

Marginal cost is ​<u>$48</u> and market price is ​<u>$48</u>.

Explanation:

in a perfectly competitive industry, price = average cost. At the same time, average cost = marginal cost. So marginal cost = price.

In a perfectly competitive industry, all producers are making 0 economic profit (which is not the same as 0 accounting profit). Since you are making 0 economic profit, that means that your marginal costs will equal the selling price. This is also the point where the firms are maximizing their accounting profits.

You might be interested in
Which of the following is essential in a satisfying work environment?
Tems11 [23]
The answer is: B, A boss who is respectful and cooperative. Hope this helped.
7 0
3 years ago
Read 2 more answers
How does unsafe food harm us<br>​
Flauer [41]

Answer:

Unsafe food creates a vicious cycle of disease and malnutrition, particularly affecting infants, young children, elderly and the sick. Foodborne diseases impede socioeconomic development by straining health care systems, and harming national economies, tourism and trade.

6 0
3 years ago
Read 2 more answers
When some firms enter a perfectly competitive industry in which firms are earning an economic profit, the short-run industry sup
inn [45]

Answer: Supply curve -  Increases rightwards  

               Market Price - Falls  

               Economic Profit - Decreases

Explanation: Perfect Competition market structure is with large number of buyers & sellers , homogeneous products & uniform prices , perfect information and free entry and exit.

'Free Entry and Exit' implies - no firm earns super normal (economic) profits or abnormal losses in long run.                                                                        When firms are earning economic profits in short run, new firms enter (because of free entry) & the industry supply increase reducing price , which further reduces the super normal profits to normal profits in long run. Similarly - Abnormal losses make firms exit (freely), reduce supply & increase price , hence reducing abnormal losses & resuming normal profits.

7 0
3 years ago
Ainsley is a middle manager at a large, multinational corporation. She prefers to involve her subordinates in decision making an
lapo4ka [179]

Answer:

<em>The above statement is false.</em>

Explanation:

Max Weber claimed that if the staff actually did what they were told the company would do well.

He already presumed that large organizations would only be capable of functioning effectively if regulations and guidelines were developed, and that everyone accurately followed those regulations.

7 0
3 years ago
If both an asset group and goodwill in one of a company's reporting units have to be tested for impairment, which of the followi
irga5000 [103]

Answer: A. The other asset group should be tested for an impairment loss before goodwill is tested.

Explanation:

According to the IFRS standards, it is important and necessary to revalue your assets according to their net realizable value, i.e, assets should be reported after deducting accumulated depreciation or amortization in the case of goodwill. In the case of inventory, NRV should be calculated by estimating impairments.

The other asset groups are tested to check for impairment loss and later the goodwill is tested.  

3 0
3 years ago
Other questions:
  • Conceptual Connection: If Gilmore's estimate of bad debts is correct (2.2% of credit sales) and the gross margin is 20%, by how
    7·1 answer
  • Winter's Toyland has a debt-equity ratio of .57. The pretax cost of debt is 8.2 percent and the required return on assets is 14.
    15·2 answers
  • Martin Manufacturing has implemented several programs to improve its productivity. They have asked you to evaluate the firm's pr
    14·1 answer
  • "An expenditure made in connection with a machine being used by a company to produce inventory should be expensed immediately if
    15·1 answer
  • Impact of 2020 lockdown on world's business economy?
    9·1 answer
  • A situation in which some resources are NOT fully utilized is represented in a
    8·1 answer
  • How to get rid of detrimental body language in the negotiation
    8·1 answer
  • The introduction of a union into an industry
    12·1 answer
  • Suppose the marginal propensity to consume is 0.8 and the government cuts taxes by $40 billion. real gdp will _____ by _____.
    8·1 answer
  • When a buyer returns merchandise purchased for cash, the buyer will record the transaction as a 1 debit to Merchandise Inventory
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!