Urgently need Market demand is Qd = 100 - p. Market supply is Qs = 4p. A typical competitive firm has ATC = 10.Is this market in long-run equilibrium?%3Dno, firms will exit the industryyesno, firms will enter the industryO not enough information to determine the answer

Qd=100-pQS=4pFor equilibriumQd=QS100-p=4p-p-4p=-1005p=100p=20andQ=100-20Q=80In long run…

Market demand is Qd 100 - p. Market supply is Qs = 4p. A typical competitive firm has ATC = 10. Is this market in long-run equilibrium? no, firms will exit the industry O yes no, firms will enter the industry O not enough information to determine the answer

Market demand is Qd 100 - p. Market supply is Qs = 4p. A typical competitive firm has ATC = 10. Is this market in long-run equilibrium? no, firms will exit the industry O yes no, firms will enter the industry O not enough information to determine the answer

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 20SQ

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

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Urgently need

Market demand is Qd = 100 - p. Market supply is Qs = 4p. A typical competitive firm has ATC = 10.
Is this market in long-run equilibrium?
%3D
no, firms will exit the industry
yes
no, firms will enter the industry
O not enough information to determine the answer

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