Consider a perfectly competitive market in which each firm's short-run total cost function is C = 36 + 15q + ^q2, where q is the number of units of output produced. The associated marginal cost curve is MC = 15 + 2q.
1) In the short run, each firm is willing to supply a positive amount of output at any price above$ . (Enter your response as a real number rounded to two decimal places.)
2) If the market price is $31, each firm will produce units in the short-run. (Enter your response as a real number rounded to one decimal place.)
3) Each firm earns a profit of $. (Enter your response as a real number rounded to two decimal places, and use a negative sign if the firm has a loss rather than a profit.)
4) In the long run, firms will the industry.

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.

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"in the electricity industry, low average total costs are obtained only through large-scale production. in other words, the initial cost of setting up all the necessary wiring makes it risky and, most likely, unprofitable for competitors to enter the market. throughout much of the 20th century, many people viewed south africa’s de beers group as a monopoly because it controlled a large percentage of diamond production and sales. patents are granted to inventors of a product or process for a certain number of years. the reason for this is to encourage innovation in the economy. without the existence of patents, it is argued, research and development for improved electronics is unlikely to take place, since there’s nothing preventing another firm from stealing the idea, copying the product, and producing it without incurring the devel opment costs."which of the following best explains the barriers to entry that exist in this scenario? increasing returns to scale legal barriers exclusive ownership of a necessary resource