QUESTION 7 Which of the following will not hold true for a competitive firm in long-run equilibrium? O A.P=minimum ATC O B. MC = minimum ATC Ocp =AFC O D.P= MC %3!

7.b) Assuming the perfectly competitive firm of Figure 8.8  survives in the long-run, it produces a. 200 b. 275 c. 475 d. 575 e. None of the above Explain:   Kindly See Attached Image. Please use as much detail as possible in the answers.

t of 35 45 40 30 25 255 15 20 10 5 MC, AC MC AC 9 0 100 200 300 400 500 The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG-RUN equilibrium. The long-run equilibrium price of the product is $ In long-run equilibrium the firm will produce units. In long-run equilibrium the firm will earn $ economic profit.

34 The Profit Maximizing Rule indicates that a firm should decrease its Output if: Select one: i of MR > MC. а. b. MR < MC. C. P = MR. d. MC = ATC. %3D