Write True or False 11. A production function does not show the amount of profit a...

Write True or False

11. A production function does not show the amount of profit a firm can make.

12. All production functions show diminishing marginal returns in the short run when an inout is fixed.

13. Under perfect competition the firms short run supply curve is its short run AVERAGE cost curve.

14. Under Perfect Competition the MARKET DEMAND curve is flat.

15. Under Perfect Competition firms may make positive profits in the short run.

16. Under Perfect Competition the firm has a positively sloped market demand curve.

Expert Solution

Ans

1 it only shows physical relationship between inputs and output so false

2 True thus is a general trend and is one of primary laws of economics

3 falls it is actually AVC curve above its minimum point

4 no firms demand curve is flat but market demand curve is downward sloping

5 True when price>ATC

6 false because it is flat as firm can't change price but sell all output at given price

Was required to answer only 4 parts according to Chegg policy but still answered all Please please like answer

Rahul Sunny answered 2 years ago

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