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ECON 625 MANAGERIAL ECONOMICS PROBLEM SET 4

ECON 625 MANAGERIAL ECONOMICS PROBLEM SET 4

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Author: Christine Farr
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ECON 625 Managerial EconomicsProblem Set 45)Questions 5 through 7 refer to the following graphical representation of a shortrun situation faced by a perfectly competitive firm.Is this a good market for this firm to be in?Yes the firm should be here in the short run but in the long run it should leave.Yes the firm should be here in the short run and it should also stay in the longrun.No; the firm should exit immediately.6)Which of the following describes the firm’s situation in the short run?The firm is breaking evenThere is a short run lossThere is a short run profitThe short run profit/loss situation cannot be determined from this graph7)What do you expect to happen in the long run?New firms will enter; short-run profits will disappearNew firms will enter; short-run losses will disappearSome existing firms will leave; short-run profits will disappearSome existing firms will leave; short-run losses will disappear


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