Question

82) At the current price of $2, how much does the firm want to produce?

83) At the current price of $2 what is the surplus or shortage in this industry?

84) At what price will the market be in equilibrium?

85) What will be the quantity supplied by each firm at this equilibrium?

86) What will the firms profit be at equilibrium?

87) In the long-run will the industry stay at this equilibrium?

Answer 1

84) The equilibrium is the only price where quantity demanded is equal to quantity supplied. At a price above equilibrium, like 1.8 dollars, quantity supplied exceeds the quantity demanded, so there is excess supply.

85) The equilibrium price and quantity are where the two curves intersect. The equilibrium point shows the price point where the quantity that the producers are willing to supply equals the quantity that the consumers are willing to purchase. This is the ideal quantity to supply

86) The existence of economic profits attracts entry, economic losses lead to exit, and in long-run equilibrium, firms in a perfectly competitive industry will earn zero economic profit.

87) The industry is in long-run equilibrium when a price is reached at which all firms are in equilibrium (producing at the minimum point of their LAC curve and making just normal profits). Under these conditions there is no further entry or exit of firms in the industry, given the technology and factor prices.

Step-by-step explanation:

i dont know 82 or 83 sorry