Perfect competition and the supply curve - production and profits - changing fixed cost
9 important questions on Perfect competition and the supply curve - production and profits - changing fixed cost
Can firms change the fixed cost? In what time horizon can they do it?
in the long run
What can a firm do the change its fixed cost?
When should a firm incure any fixed cost at all by remaining in business?
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How can a producer eliminate fixed cost? What does this mean?
it cant ever produce again, and it has exited the market
fixed cost = 0
How can a potential producer enter the market.
- When it takes on some fixed cost by buying machines and other resources IN THE LONG RUN
- which puts it in a position to produce, so that it could enter the industry
IN THE LONG RUN when should firms exit the market?
In the long run when should firms remain in the industry and continue producing?
What are the 2 assumption for the criterion of free entry?
identical firms one firm can operate equally as the other
What will happen if price is high, and existing producers are generating a profit? Where is this profit on the graph? What is the name?
profit is and price above min ATC
this is any point above min average cost
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