5. Long Run Producer Surplus a. In the long run equilibrium of a perfectly competitive firm, fixed cost is: FC = b. In the long run equilibrium of a perfectly competitive industry, profit is: C. In long run equilibrium, the scale of each firm allows it to minimize d. If market demand for the industry's product increases, firms increase their demands for This may drive up their prices, causing each firm's long run and cost curves to shift e. The horizontal coordinate of any point on the long run industry supply curve shows: f. The vertical coordinate of any point on the long run industry supply curve shows: g. The area below the price line and above the long run industry supply curve measures:
5. Long Run Producer Surplus a. In the long run equilibrium of a perfectly competitive firm, fixed cost is: FC = b. In the long run equilibrium of a perfectly competitive industry, profit is: C. In long run equilibrium, the scale of each firm allows it to minimize d. If market demand for the industry's product increases, firms increase their demands for This may drive up their prices, causing each firm's long run and cost curves to shift e. The horizontal coordinate of any point on the long run industry supply curve shows: f. The vertical coordinate of any point on the long run industry supply curve shows: g. The area below the price line and above the long run industry supply curve measures:
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:5. Long Run Producer Surplus
FC =
a. In the long run equilibrium of a perfectly competitive firm, fixed cost is:
b. In the long run equilibrium of a perfectly competitive industry, profit is:
d. If market demand for the industry's product increases, firms increase their demands for
This may drive up their prices, causing each firm's long run
C. In long run equilibrium, the scale of each firm allows it to minimize
cost curves to shift
and
e. The horizontal coordinate of any point on the long run industry supply curve shows:
f. The vertical coordinate of any point on the long run industry supply curve shows:
g. The area below the price line and above the long run industry supply curve measures:
9.
STA
AST LONG
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