4:21 lLTE Work 3-5 3. Suppose a market is in equilibrium. The area below the demand curve and above the market price is: 4. Generally, motivates firms to enter an industry, while exit an industry. motivates firms to 5. If all firms in a perfectly competitive industry are earning a normal profit, then:

Q: Refer to the following information about 3 hypothetical perfectly competitive firms' costs at their…

A: Answer: Given, Firm 1 Firm 2 Firm 3 Price = $150 ATC = $140 AVC = $130 Price = $150 ATC =…

Q: 1. How many buyers and sellers are there?

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A: TC = 1600 + 4Q2

Q: None

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A: A perfect competitive firm is always a price taker.

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A: option 3 is rhe correct answer The firm in industry produce standardized products  It's dentical…

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A: