Fill the gap with words bellow At its current level of production a profit-maximizing firm in a competitive marketfaces an average total cost of $10. At the market price of $12.50 per unit, thefirm's marginal cost curve crosses the marginal revenue curve at an output levelof 1,000 units.From the above information, we may infer that the firm currently producesunits and its current profit is $In the long run, the market equilibrium price is likely tobecause more producers will bethe market. The long-runprofit of all firms in this market will finally2500become zero.10,000exitingdecreaseincreaserise twicemore than 1,00012500enteringremain unchangedeconomicless than 1,000exactly 1000accountingstabilize at positive levels.

ATC = 10 $ Market price = 12.50 $ Output = 1000 units Profit maximizing condition for competitive…

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Fill the gap with words bellow

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Fill the gap with words bellow

At its current level of production a profit-maximizing firm in a competitive market
faces an average total cost of $10. At the market price of $12.50 per unit, the
firm's marginal cost curve crosses the marginal revenue curve at an output level
of 1,000 units.
From the above information, we may infer that the firm currently produces
units and its current profit is $
In the long run, the market equilibrium price is likely to
because more producers will be
the market. The long-run
profit of all firms in this market will finally
2500
become zero.
10,000
exiting
decrease
increase
rise twice
more than 1,000
12500
entering
remain unchanged
economic
less than 1,000
exactly 1000
accounting
stabilize at positive levels.

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