PRICE (dellar per unit) In the long run, which of the following would NOT be expected in the industry depicted below? QUANTITY PRICE OR COST Figure 16.1 Firms will exit the industry. Q QUANTITY MC ATC AVC MC a) b) An increase in total revenue for the remaining firms. c) d) An increase in output for the firms. A decrease in the marginal revenue for the remaining firms.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
Please help for this one -16
PRICE
(dellar per unit)
In the long run, which of the following would NOT be expected in the industry depicted below?
QUANTITY
PRICE OR COST
Figure 16.1
Firms will exit the industry.
Q
QUANTITY
MC
ATC
AVC
MC
a)
b)
An increase in total revenue for the remaining firms.
c)
d)
An increase in output for the firms.
A decrease in the marginal revenue for the remaining firms.
Transcribed Image Text:PRICE (dellar per unit) In the long run, which of the following would NOT be expected in the industry depicted below? QUANTITY PRICE OR COST Figure 16.1 Firms will exit the industry. Q QUANTITY MC ATC AVC MC a) b) An increase in total revenue for the remaining firms. c) d) An increase in output for the firms. A decrease in the marginal revenue for the remaining firms.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education