Advanced Placement (AP), 07.12.2021 05:00 jermiahj55

Please help me quickly I’m stuck on this problem FRQ: Rice is produced in a perfectly competitive industry. Grand Farm is a typical firm in the rice industry earning a positive economic profit.

(a) Using correctly labeled side-by-side graphs for the rice industry and Grand Farm,
show each of the following in the short run.

(i) The industry price and quantity, labeled Pm and Qm

(ii) Grand Farm's demand curve and marginal revenue curve, labeled Df and MRf

(iii) Grand Farm's quantity of output, labeled Qf

(iv) Grand Farm's profit, shaded completely

(b) In the long run, what happens to each of the following?

(1) The number of firms in the industry. Explain.

(ii) The equilibrium price does it increase, decrease, or remain the same relative
to Pm?

Answers: 3

Show answers

Other questions on the subject: Advanced Placement (AP)

Advanced Placement (AP), 23.06.2019 20:00, goodgirl2800

Do you want free brainliest & free 15 points? answer this correctly and you shall receive : ) the ideal body position for your legs after you've adjusted your seat is with your knee a. is fully tucked in when pressing the pedals b. is slightly crooked when pressing the pedals c. is fully extended when pressing the pedals d. is pressing directly on the pedals

Answers: 1

continue

Advanced Placement (AP), 24.06.2019 12:30, alexmiranda00

States might choose to cooperate at the regional or global level for all of the following reasons except (2 points) a.) to gain regional political influence b.) to engage in dispute resolution c.) to assure basic human rights d.) to encourage economic interaction e.) to increase national sovereignty

Answers: 3

continue

Advanced Placement (AP), 24.06.2019 17:30, kat9940

Which tip applies to the aspire test and psat equally

Answers: 1

continue

Advanced Placement (AP), 25.06.2019 04:00, Horse0809

The tourism industry’s main job is to cater to customers who 1. travel for pleasure 2. seek the fanciest place to stay overnight 3. want an exquisite dining experience 4. desire to take part in a recreational activity.

Answers: 1

continue

You know the right answer?

Please help me quickly I’m stuck on this problem FRQ: Rice is produced in a perfectly competitive...