In a Competitive Market the Current Price Is $5

question 511

Multiple Choice

In a competitive market the current price is $5. The typical firm in the market has ATC = $5.50 and AVC = $4.50.

• A)In the short run firms will shut down, and in the long run firms will leave the market.
• B)In the short run firms will continue to operate, but in the long run firms will leave the market.
• C)New firms will likely enter this market to capture any remaining economic profits.
• D)The firm will earn zero profits in both the short run and long run.

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Definitions:

Binomial

Pertaining to a probability distribution that models the number of successes in a fixed number of trials, with only two possible outcomes.

Normal Probability Distribution

Describes a symmetrical, bell-shaped curve where most occurrences take place at the central peak and probabilities for values taper off equally on either side.

Binomial Probability Distribution

A probability distribution that summarizes the likelihood that a variable will take one of two independent values under a given set of parameters or assumptions.

Continuous Variables

Variables that can take an infinite number of values within a given range, including decimals and fractions.