100 90 PRICE (Dollars per shirt) 80 70 60 50 40 30 20 20 10 MC ATC MR Demand 0 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of shirts) + Equilibrium Min. ATC ? Because this market is a price-searcher market, you can tell that it is in long-run equilibrium by the fact that Furthermore, the quantity the firm produces in long-run equilibrium is the efficient scale. at the optimal quantity.
100 90 PRICE (Dollars per shirt) 80 70 60 50 40 30 20 20 10 MC ATC MR Demand 0 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of shirts) + Equilibrium Min. ATC ? Because this market is a price-searcher market, you can tell that it is in long-run equilibrium by the fact that Furthermore, the quantity the firm produces in long-run equilibrium is the efficient scale. at the optimal quantity.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
None
Transcribed Image Text:100
90
PRICE (Dollars per shirt)
80
70
60
50
40
30
20
20
10
MC
ATC
MR
Demand
0
0
10 20 30 40
50 60 70 80
90
100
QUANTITY (Thousands of shirts)
+
Equilibrium
Min. ATC
?
Because this market is a price-searcher market, you can tell that it is in long-run equilibrium by the fact that
Furthermore, the quantity the firm produces in long-run equilibrium is
the efficient scale.
at the optimal quantity.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education