Consider the market for college textbooks. Assume this market is monopolistically competitive. A representative firm's demand (D), marginal revenue (MR), marginal cost (MC), and average cost (AC) curves are illustrated in the figure on the right. This industry. OA. is not in long-run equilibrium, because firms are earning profits, which will result in firms entering. OB. is not in long-run equilibrium, because firms are earning profits, which will result in firms exiting. OC. is not in long-run equijorium, because firms are breaking even, which will result in firms exiting. " OD. is in long-run equilibrium, because firms are breaking even. Price (dollars per textbook) 100 90 80 70- 60 50 40- 30- 20- 10- 0- 0 1 MC Quantity (in thousands) AC D MR 10 SE

Consider the market for college textbooks. Assume this market is monopolistically competitive. A representative firm's demand (D), marginal revenue (MR), marginal cost (MC), and average cost (AC) curves are illustrated in the figure on the right. This industry. OA. is not in long-run equilibrium, because firms are earning profits, which will result in firms entering. OB. is not in long-run equilibrium, because firms are earning profits, which will result in firms exiting. OC. is not in long-run equijorium, because firms are breaking even, which will result in firms exiting. " OD. is in long-run equilibrium, because firms are breaking even. Price (dollars per textbook) 100 90 80 70- 60 50 40- 30- 20- 10- 0- 0 1 MC Quantity (in thousands) AC D MR 10 SE

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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