0020Price and Cost ($)(Figure: Unicycle Production Costs) If the current price is $20 in this perfectly competitive industry, we should expect'in the long run (hint: See PowerPoint slides 51 and 53):ATCMCAVCAFC40 42 4446O A. the presence of an economic profit to attract new firms to the industry.O B. that there will be no change in the number of firms in the industry.O C. the presence of a normal profit.O D. the presence of an economic loss to persuade some firms to leave the industry.A Moving to another question will save this response.Question 8 of 11MacBook ProDDF7F3F4F8F9F10#$2delete5.RHC.B.|commandcommandoption

igure: Unicycle Production Costs) If the current price is $20 in this perfectly competitive industry, w ATC MC AVC 20 18 17 16 AFC 40 42 44 46 Output A. the presence of an economic profit to attract new firms to the industry. B. that there will be no change in the number of firms in the industry. C. the presence of a normal profit. D. the presence of an economic loss to persuade some firms to leave the industry. Price and Cost ($)

igure: Unicycle Production Costs) If the current price is $20 in this perfectly competitive industry, w ATC MC AVC 20 18 17 16 AFC 40 42 44 46 Output A. the presence of an economic profit to attract new firms to the industry. B. that there will be no change in the number of firms in the industry. C. the presence of a normal profit. D. the presence of an economic loss to persuade some firms to leave the industry. Price and Cost ($)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 12P

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