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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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