Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. Describe what happens in the long run:3632282420161284MC1ATC₁AVC₁D₁2 4 6 8 10 12 14 16 18a) There will be an increase in price until the economic profit is zero.b) There will be a decline in demand causing economic profits to decline.c) There will be a decline in price until the economic profit is zero.d) There will be an increase in demand causing economic profits to decline. Refer to the below graph and state which options represents an economically efficient allocationof resources?AOSx xxcFRUITa) Point A only.b) Points C and Dc) Not enough information to answer the question.d) Points E and A

1. In the long run, every cost and production element is a moving target in economics. 2.The…

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Describe what happens in the long run: 36 32 28 24 20 16 12 8 4 MC1 ATC₁ AVC₁ D₁

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

Describe what happens in the long run:
36
32
28
24
20
16
12
8
4
MC1
ATC₁
AVC₁
D₁
2 4 6 8 10 12 14 16 18
a) There will be an increase in price until the economic profit is zero.
b) There will be a decline in demand causing economic profits to decline.
c) There will be a decline in price until the economic profit is zero.
d) There will be an increase in demand causing economic profits to decline.

Refer to the below graph and state which options represents an economically efficient allocation
of resources?
AOS
x x
xc
FRUIT
a) Point A only.
b) Points C and D
c) Not enough information to answer the question.
d) Points E and A

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