What type of demand curve does perfectly competitive firm

Reference no: EM13244333

a. What type of demand curve does a perfectly competitive firm face? Why?

b. The state of Maine has a very active lobster industry, whichharvests lobsters during the summer months. During the rest of theyear, lobsters can be obtained from other parts of the world but ata much higher price. Maine is also full of "lobstershacks," roadside restaurants serving lobster dishes that areopen only during the summer. Explain why it is optional for lobstershacks to operate only during the summer.

c. In a competitive market, how does a firm make profits if it has no control over price?

Reference no: EM13244333

Questions Cloud

Draw a free-body-diagram of the pith ball : A 100 mg pith ball hangs by a thread in the center of a parallel-plate capacitor. The capacitor plates are 5.0 cm x 5.0 cm, Draw a free-body-diagram of the pith ball

How many of each shouldthe jeweler order to maximize profits : The profit on a gold necklace is $15 and the profit on the goldbracelet is $25. A jeweler's showcase has room for at most 60necklaces and bracelets combined. The demand for the necklaces isat least 3 times the demand for bracelets.

Find the competitive equilibrium of good exchange : Consider a 2 good exchange economy with 2 consumers. Consumer A'spreference is u(x1,x2) = lnx1 + ln x2. B's preference is represented by U(x1,x2) = 2 ln(x1) + ln (x2). Suppose the initial endowments are (5,7) for A and (10,8) for B.

Find the temperature of the hot filament : A certain lightbulb has a tungsten filament with a resistance of 19.1 ? when at 20.0°C and 139 ? when hot, Find the temperature of the hot filament

What type of demand curve does perfectly competitive firm : The state of Maine has a very active lobster industry, whichharvests lobsters during the summer months. During the rest of theyear, lobsters can be obtained from other parts of the world but ata much higher price.

Find the number of unemployed workers : Ellen is downloading labor marke data for the most recentmonth, but her connection is slow and so far this is all she hasbeen able to get: UnemploymentRate: 5.0% ParticipationRate: 62.5% Not in the labor force: 60mil..

Find the minimum runway length : a jetliner is moving at a speed of 270 km/h. the plan then decelerates at 4.5 m/s2. what is the minimum runway length on which this aircraft can land

Find the capital stock per worker in the steady state : Suppose a country has the following production function Y=f(K,L)=K^1/2L^1/2 Its capital stock depreciates at 5%, its population grows at2.5% and its labor-augmentation technology increases at 2.5%

User Account

All Pages