PRICE 20 18 MC 16 14 10 29 ATC 876 2 1 2 3 4 5 6 7 8 9 10 QUANTITY If the market price is $10, what is the competitive firm's short run economic profit? $ 15 As a result, the number of firms in the industry would decrease In the long run, price will equal $ 6 firm will be $ and the firm will produce units of output. Long run profits for a comptetive
PRICE 20 18 MC 16 14 10 29 ATC 876 2 1 2 3 4 5 6 7 8 9 10 QUANTITY If the market price is $10, what is the competitive firm's short run economic profit? $ 15 As a result, the number of firms in the industry would decrease In the long run, price will equal $ 6 firm will be $ and the firm will produce units of output. Long run profits for a comptetive
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 33CTQ: Since a perfectly competitive firm can sell as much as it wishes at the market price, why can the...
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