A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total cost of $36,000. The prevailing market price is $15. What will happen to the number of firms in the industry and to the industry's output in the long run? The number of firms remains constant and the industry’s output increases. The number of firms increases and the industry's output increases. The number of firms remains constant and the industry's output decreases. The number of firms decreases and the industry’s output decreases. а. b. с. d.

A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total cost of $36,000. The prevailing market price is $15. What will happen to the number of firms in the industry and to the industry's output in the long run? The number of firms remains constant and the industry’s output increases. The number of firms increases and the industry's output increases. The number of firms remains constant and the industry's output decreases. The number of firms decreases and the industry’s output decreases. а. b. с. d.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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