Rice is produced in a perfectly competitive industry. Grand Farm is a typical firm in the rice industry earning a positive economic profit.
Using correctly labeled side-by-side graphs for the rice industry and Grand Farm, show each of the following in the short run.
The industry price and quantity, labeled as PM and QM. (1 point)
Grand Farm’s demand curve and marginal revenue curve, labeled DF and MRF. (1 point)
Grand Farm’s quantity of output, labeled QF. (1 point)
Grand Farm’s profit, shaded completely. (1 point)


In the long run, what happens to each of the following?
The number of firms in the industry. Explain. (1 point)
The equilibrium price; does it increase, decrease, or remain the same relative to PM? (1 point)

Answer: Can you explain to me?

Explanation:

A completely perfect competition must meet the equilibrium point of MC = MR. The demand is PF and the supply is Qf in the equilibrium.

In a competitive market, neither a single customer nor a single manufacturer can have a significant impact on the market. Its sensitivity to production and demand changes as shown by the supply curve, which depicts the amount of the good.

The quantity demanded (AR) and marginal revenue curve (MR) are horizontal in the case of a competitive firm, and AR = MR. Consequently, the firm's quantity supplied (DF) is equal to its marginal revenue curve ( MRF)

The confluence of market prices and market supplied determines pricing in the sector, therefore a purely competitive product at that price. The business can adhere to the pricing set by the sector.

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The question is incomplete, the complete question will be :

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

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A) 5,000 & 7,000
B) 7,000 & 10,000
C) 5,000 & 10,000
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A) Alternative 1
B) Alternative 2
C) Alternative 3
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