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0. Basic Principles of Economics(0)
1. Reading and Understanding Graphs(0)
2. Introductory Economic Models(0)
3. The Market Forces of Supply and Demand(0)
4. Elasticity(0)
5. Consumer and Producer Surplus; Price Ceilings and Floors(0)
6. Introduction to Taxes and Subsidies(0)
7. Externalities(0)
8. The Types of Goods(0)
9. International Trade(0)
10. The Costs of Production(0)
11. Perfect Competition(0)
12. Monopoly(0)
13. Monopolistic Competition(0)
14. Oligopoly(0)
15. Markets for the Factors of Production(0)
16. Income Inequality and Poverty(0)
17. Asymmetric Information, Voting, and Public Choice(0)
18. Consumer Choice and Behavioral Economics(0)

11. Perfect Competition

Market Supply Curve in the Short Run and Long Run

11. Perfect Competition

Market Supply Curve in the Short Run and Long Run: Videos & Practice Problems

Video Lessons Practice Worksheet

Market Supply Curve in the Short Run and Long Run Practice Problems

20 problems

1PRACTICE PROBLEM

In the short run, the market supply curve is defined as:

2PRACTICE PROBLEM

Why do individual firms' supply curves coincide with their marginal cost curves in the short run?

3PRACTICE PROBLEM

If an individual firm supplies 50 units at a price of $10, how many units will 500 identical firms supply at the same price?

4PRACTICE PROBLEM

In the long run, why do firms earn zero economic profit even if they have positive accounting profits?

5PRACTICE PROBLEM

What is the impact of firm entry and exit on the market supply curve and price levels in the long run?

6PRACTICE PROBLEM

How does market entry and exit affect supply shifts and price changes until equilibrium is reached?

7PRACTICE PROBLEM

What does the condition P = ATC signify in the long run?

8PRACTICE PROBLEM

Why is the long-run market supply curve perfectly elastic?

9PRACTICE PROBLEM

In a perfectly competitive market, how does the long-run supply curve ensure that supply meets demand at equilibrium prices?

10PRACTICE PROBLEM

How do graphs illustrate the transition from short-run to long-run market supply?

11PRACTICE PROBLEM

Evaluate the statement: 'In the short run, the market supply curve is the sum of individual firms' average total cost curves.'

12PRACTICE PROBLEM

Synthesize the relationship between marginal cost and supply curve for a firm in the short run.

13PRACTICE PROBLEM

If each of 200 identical firms supplies 30 units at a price of $15, what is the total market supply?

14PRACTICE PROBLEM

How do non-monetary opportunity costs affect economic profit in the long run?

15PRACTICE PROBLEM

What happens to the supply curve and price levels when firms exit the market due to losses?

16PRACTICE PROBLEM

Analyze the effect of market entry on supply and price until equilibrium is reached.

17PRACTICE PROBLEM

Evaluate the significance of the condition P = ATC in a competitive market.

18PRACTICE PROBLEM

Synthesize the characteristics of a perfectly elastic long-run market supply curve.

19PRACTICE PROBLEM

In a perfectly competitive market, how does the long-run supply curve ensure equilibrium?

20PRACTICE PROBLEM

How do graphs help visualize the transition from short-run to long-run market supply?

Individual Supply Curve in the Short Run and Long Run Practice Problems Long Run Equilibrium Practice Problems

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