As the case study in the text illustrates, individual firms in the potato industry have a great deal of market power.
64) A perfectly competitive market is characterized by a large number of small firms that produce a differentiated product.
65) The characteristic of ease of entry and exit ensures that perfectly competitive firms will be able to earn positive economic profits over the long run.
66) Perfectly competitive firms are referred to as price takers because the individual firm is so small relative to the market that its output decisions will not have any effect on the market-determined price.
67) The elasticity of demand for a particular perfectly competitive firm's output is positively related to the number of firms supplying the market.
68) The individual firm maximizes its total profit by producing the level of output at which the difference between marginal revenue and marginal cost is as large as possible.
69) Assume that at the current level of output produced by a perfectly competitive firm, MR = $7.50 and MC = $6. In order to maximize its profit, the firm should increase output.
70) A perfectly competitive firm will earn a positive economic profit so long as price is greater than average total cost at the profit-maximizing level of output.
71) A firm has reached its shutdown point when price is equal to minimum average total cost.
72) Assume that at the current level of output, price equals marginal revenue, but is less than average total cost. So long as price is greater than average variable cost, the firm should continue to operate in the short run to minimize its losses.
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