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- What is the long-run market supply curve for hibiscus plants? Graph it.The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently incurring economic losses. Draw a graph showing this situation for a firm in the short run.What is the short run supply curve of a perfect competitive firm. Expalin using illustrations
- What are the requirements for a perfect competition market?According to the graph below, if the price of the good is $17, then the result for the perfectly competitive firm will be: Graph: Short-run profit and loss Price MC ATC AVC 1S 13 Quantity Select one: a. making a long-run loss and so it will shut down. b. making a short-run loss but it will continue to produce. c. making a long-run profit. d. making a normal profit.How does a competitive firm determine the quantity that maximizes profit?
- Graph the following for a perfectly competitive firm: A graph for long run – normal profit for the firm.Could you explain what is the long run and short run of a firm in a marketGraphically depict a purely competitive firm in the short-run. You can have the firm making a profit or loss in the short-run. Brief explanation and graphs required.
