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ECS1501-25-Y Topics 12 -15
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Under perfect competition the market price is determined by demand and supply.
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A monopoly is a market structure with many buyers and only one seller.
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No buyer or seller in a perfectly competitive market has perfect knowledge of market conditions.
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In a perfectly competitive market, the market supply curve is the horizontal sum of the individual supply curves of all the firms in the industry.
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Look at the figure below and then indicate whether the statement is True (T) or False (F):
No production will take place at point e.
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If marginal revenue is greater than average revenue, average revenue increases.
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A firm is in equilibrium if it maximises its profit — in other words, where MR = MC.
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If a firm has a total revenue of R80 000 per annum and economic cost of R80 000, it earns a normal profit.
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Under perfect competition each firm can decide how much to supply at the existing market price.
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Use the data in the following table to answer the question.
Output (Units) | Total cost (R) |
0 | 100 |
1 | 110 |
2 | 130 |
3 | 166 |
4 | 220 |
5 | 300 |
The average total cost of the five units is
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