As a result of the 1. ___ economic profit, some firms will 2. ___ the mountain bike industry. Suppose Mickey's Mountain Bikes remains in business. The demand for Mickey's Mountain Bikes 3.___ and the price of Mickey's Mountain Bikes 4.___. The market share for firms in the mountain bike industry 5.___ as the market adjusts to the long run equilibrium.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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As a result of the 1. ___ economic profit, some firms will 2. ___ the mountain bike industry. Suppose Mickey's Mountain Bikes remains in business. The demand for Mickey's Mountain Bikes 3.___ and the price of Mickey's Mountain Bikes 4.___. The market share for firms in the mountain bike industry 5.___ as the market adjusts to the long run equilibrium.

FIGURE 14.2
Problems 14 to 18
400
MC
АТС
350
300
250
200
150
100
MR
50
.....
100
200
Quantity (mountain bikes per week)
Price and cost
(dollars per bike)
Transcribed Image Text:FIGURE 14.2 Problems 14 to 18 400 MC АТС 350 300 250 200 150 100 MR 50 ..... 100 200 Quantity (mountain bikes per week) Price and cost (dollars per bike)
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