Perfect Competition in the Short Run and Long Run
Multiple Choice Questions
After watching the Perfect Competition in the Short Run and Long Run video lecture, consider the question(s) below. Then “submit” your response.
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Question
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After watching the Perfect Competition in the Short Run and Long Run video lecture, consider the question(s) below. Then “submit” your response.
Question
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Question
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Question
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Short Answer/Discussion Questions
After watching the Perfect Competition in the Short Run and Long Run video lecture, consider the question(s) below. Then “submit” your response.
Question
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Suggested solution: Once a firm has selected its profit-maximizing output level (where marginal revenue equals marginal cost), the optimal output level for the firm is known. At this output level, the firm can determine its average total cost per unit. If the market price per unit is above the average total cost per unit (which includes all the firm’s opportunity costs), the firm is earning a positive short-run economic profit.
Question
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Suggested solution: Since there are many small firms in a perfectly competitive market, the quantity produced by any one firm is a very small percent of the market’s overall output. This means the individual firm’s output decisions have no meaningful effect on the market’s overall output level or the market price. Consequently, the additional revenue (marginal revenue) gained by the firm as it increases output is equal to the market price.
Question
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Suggested solution: Because perfectly competitive markets have no barriers to entry, when existing firms in the market realize positive economic profits in the short run, firms outside the industry are attracted to the profit opportunity and choose to enter the market in the long run. This entry causes an increase in the market’s supply; the increase in supply reduces the market equilibrium price, eliminating the short-run profits.