Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 22, Problem 2CQ
To determine
The changes of market price in the long run.
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Students have asked these similar questions
Give an example of a price at which this firm would want to produce and sell output in the short run, but not in the long run.
In the long-run equilibrium, what is the price?
what is the output?
what is the total profit?
In the long run, perfectly competitive firms make zero economic profit. If this is the case, why does the firm even bother producing? Why not exit the market completely?
Chapter 22 Solutions
Economics: Private and Public Choice (MindTap Course List)
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Similar questions
- In the short run, a competitive firms supply curve is ?arrow_forwardFirms in a perfectly competitive market are said to be "price takers" - that is, once the market determines an equilibrium price for the product, firms must accept this price. If you sell a product in a perfect competitive market, but you are not happy with its price, would you raise the price, even by a cent?arrow_forward
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