Consider the following table of long-run total cost for four different firms: Quantity 2 3 5 Firm 1 $180 $350 $510 $660 $800 $930 $1,050 Firm 2 $120 $250 $390 $540 $700 $870 $1,050 Firm 3 $150 $300 $450 $600 $750 $900 $1,050 Firm 4 $210 $340 $490 $660 $850 $1,060 $1,290 Refer to Table 13-17. Which firm's long-run marginal cost decreases as output increases? a.. Firm 2 b. Firm 4 C. Firm 1 d. Firm 3
Consider the following table of long-run total cost for four different firms: Quantity 2 3 5 Firm 1 $180 $350 $510 $660 $800 $930 $1,050 Firm 2 $120 $250 $390 $540 $700 $870 $1,050 Firm 3 $150 $300 $450 $600 $750 $900 $1,050 Firm 4 $210 $340 $490 $660 $850 $1,060 $1,290 Refer to Table 13-17. Which firm's long-run marginal cost decreases as output increases? a.. Firm 2 b. Firm 4 C. Firm 1 d. Firm 3
Chapter1: Making Economics Decisions
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Transcribed Image Text:Consider the following table of long-run total cost for four different firms:
Quantity
2
3
5
Firm 1
$180
$350
$510
$660
$800
$930
$1,050
Firm 2
$120
$250
$390
$540
$700
$870
$1,050
Firm 3
$150
$300
$450
$600
$750
$900
$1,050
Firm 4
$210
$340
$490
$660
$850
$1,060
$1,290
Refer to Table 13-17. Which firm's long-run marginal cost decreases as output increases?
a.. Firm 2
b. Firm 4
C.
Firm 1
d. Firm 3
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