The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently making economic losses.Which of the following statements is true about the price of fertilizer? Check all that apply.O The price of fertilizer must be less than marginal cost.O The price of fertilizer must be less than average total cost.O The price of fertilizer must be equal to average variable cost.The following graphs show the cost curves faced by a typical firm, the demand for fertilizer, and possible price and supply curves.FirmMarketDemandATC-- ----P.TAydMCQuantityQuantityIf firms in the market are producing output but are currently making economic losses,illustrates the present situation for the typicalfirm in the market, and S ▼ indicates the corresponding supply curve.Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in thelong run? Check all that apply.O The total quantity supplied to the market will increase.O The quantity supplied by each firm will increase.O Average total cost will increase.O Marginal cost will increase.O The price of fertilizer will decrease.Price and CostsPrice

In economics, the marginal cost of production is the change in total production cost that comes from…

If firms in the market are producing output but are currently making economic losses, P illustrates the present situation for the typical firm in the market, and S v indicates the corresponding supply curve. Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. O The total quantity supplied to the market will increase. O The quantity supplied by each firm will increase. O Average total cost will increase. O Marginal cost will increase.

If firms in the market are producing output but are currently making economic losses, P illustrates the present situation for the typical firm in the market, and S v indicates the corresponding supply curve. Assuming there is no change in either demand or the firm's cost curves, which of the following statements is true about what will happen in the long run? Check all that apply. O The total quantity supplied to the market will increase. O The quantity supplied by each firm will increase. O Average total cost will increase. O Marginal cost will increase.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section9.2: Perfect Competition In The Short Run

Problem 3ST

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