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ECS1501-25-Y Topics 12 -15
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A perfectly competitive industry can only be in equilibrium if all the firms are earning economic profit.
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Look at the figure below and then indicate whether the statement is True (T) or False (F):
The firm will not produce at a price of R30.
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Under perfect competition no individual buyer or seller can influence the price of the product.
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Perfect competition can only exist if the goods sold in the market by the different sellers are identical or homogeneous.
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If a perfectly competitive firm is producing a level of output where the price is R5, average variable cost is R4, average (total) cost is R4,50 and marginal cost is R5, this firm should increase its output to maximise profit.
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Look at the figure below and then indicate whether the statement is True (T) or False (F):
The break-even point is at e.
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Total revenue can decrease while marginal revenue is still positive.
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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 variable cost of one unit is
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