PRICE (Dollars per pound) 100 90 80 70 60 50 中 Supply (20 firms) Supply (30 firms) 40 Supply (40 firms) Demand 30 20 10 0 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 20 firms in this market, the short-run equilibrium price of copper would be s would Therefore, in the long run, firms would per pound. At that price, firms in this industry the copper market. economic profit in the long run, you know the long-run equilibrium price must firms operating in the copper industry in long-run equilibrium. Because you know that competitive firms earn be $ per pound. From the graph, you can see that this means there will be
PRICE (Dollars per pound) 100 90 80 70 60 50 中 Supply (20 firms) Supply (30 firms) 40 Supply (40 firms) Demand 30 20 10 0 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of pounds) If there were 20 firms in this market, the short-run equilibrium price of copper would be s would Therefore, in the long run, firms would per pound. At that price, firms in this industry the copper market. economic profit in the long run, you know the long-run equilibrium price must firms operating in the copper industry in long-run equilibrium. Because you know that competitive firms earn be $ per pound. From the graph, you can see that this means there will be
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![PRICE (Dollars per pound)
100
90
80
70
60
50
中
Supply (20 firms)
Supply (30 firms)
40
Supply (40 firms)
Demand
30
20
10
0
0
125
250 375 500 625 750 875 1000 1125 1250
QUANTITY (Thousands of pounds)
If there were 20 firms in this market, the short-run equilibrium price of copper would be s
would
Therefore, in the long run, firms would
per pound. At that price, firms in this industry
the copper market.
economic profit in the long run, you know the long-run equilibrium price must
firms operating in the copper industry in long-run equilibrium.
Because you know that competitive firms earn
be $
per pound. From the graph, you can see that this means there will be](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3697e2e8-d1c3-4363-8e4d-d47d00cb04e7%2F7c80bca6-36f3-4d10-95f7-db9d981b7cda%2F079ep0q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:PRICE (Dollars per pound)
100
90
80
70
60
50
中
Supply (20 firms)
Supply (30 firms)
40
Supply (40 firms)
Demand
30
20
10
0
0
125
250 375 500 625 750 875 1000 1125 1250
QUANTITY (Thousands of pounds)
If there were 20 firms in this market, the short-run equilibrium price of copper would be s
would
Therefore, in the long run, firms would
per pound. At that price, firms in this industry
the copper market.
economic profit in the long run, you know the long-run equilibrium price must
firms operating in the copper industry in long-run equilibrium.
Because you know that competitive firms earn
be $
per pound. From the graph, you can see that this means there will be
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