Price (dollars) 8 7 6 5 4 3 2 1 Short-run Short-run AC MC 80 100 110 O All of the other statements are true. Output (per day) The graph above shows the cost curves in the long run prevailing for a firm selling in a perfectly competitive market. When the industry is in long-run competitive equilibrium, O the average cost of the firm will be $4 per day. the firm will produce 100 units of output per day. O the firm will earn zero economic profit. Long-run AC
Price (dollars) 8 7 6 5 4 3 2 1 Short-run Short-run AC MC 80 100 110 O All of the other statements are true. Output (per day) The graph above shows the cost curves in the long run prevailing for a firm selling in a perfectly competitive market. When the industry is in long-run competitive equilibrium, O the average cost of the firm will be $4 per day. the firm will produce 100 units of output per day. O the firm will earn zero economic profit. Long-run AC
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 3P
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