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Back to Assignment st [T ] Kesptnetighst /1 5. Competition Crystal's lawn-mowing service is a profit-maximizing, competitive firm. Crystal mows lawns for $25 each. Her total cost each day is $300, of which $60 is a fixed cost. She mows 15 lawns a day. In the short run, Crystal should ot shut down_v . In the long run, Crystal should not exit_v/ the industry. Points: mm—1/1 Explanation: Close Explanation ~ Because Crystal's average total cost is 320 — $20, which is less than the price, she will not exit the industry in the long run. Because fixed cost 00 350 3 Firm's Short-Run Decision to Shut Down; and The Firm's Long-Run Deci is $60, average variable cost is $16, which is less than the price, Crystal will not shut down in the short run. See Sections: The ion to Exit or Enter a Market.
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