Price (dollars) 8 7 6 5 4 3 2 1 Short-run Short-run AC MC 80 100 110 O All of the other statements are true. Output (per day) The graph above shows the cost curves in the long run prevailing for a firm selling in a perfectly competitive market. When the industry is in long-run competitive equilibrium, O the average cost of the firm will be $4 per day. the firm will produce 100 units of output per day. O the firm will earn zero economic profit. Long-run AC
Price (dollars) 8 7 6 5 4 3 2 1 Short-run Short-run AC MC 80 100 110 O All of the other statements are true. Output (per day) The graph above shows the cost curves in the long run prevailing for a firm selling in a perfectly competitive market. When the industry is in long-run competitive equilibrium, O the average cost of the firm will be $4 per day. the firm will produce 100 units of output per day. O the firm will earn zero economic profit. Long-run AC
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 3P
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Question
Note:-
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![Price
(dollars)
8
7
6
5
4
3
2
1
0
80
Short-run Short-run
AC
MC
100 110
O All of the other statements are true.
Output
(per day)
The graph above shows the cost curves in the long run prevailing for a firm selling in a perfectly
competitive market. When the industry is in long-run competitive equilibrium,
O the average cost of the firm will be $4 per day.
O the firm will produce 100 units of output per day.
O the firm will earn zero economic profit.
Long-run
AC](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F06c093bf-89ab-440a-a729-a64f69240238%2Fba838c4c-39b6-4f33-b72c-06ee87acde8a%2Fvdwrs38_processed.png&w=3840&q=75)
Transcribed Image Text:Price
(dollars)
8
7
6
5
4
3
2
1
0
80
Short-run Short-run
AC
MC
100 110
O All of the other statements are true.
Output
(per day)
The graph above shows the cost curves in the long run prevailing for a firm selling in a perfectly
competitive market. When the industry is in long-run competitive equilibrium,
O the average cost of the firm will be $4 per day.
O the firm will produce 100 units of output per day.
O the firm will earn zero economic profit.
Long-run
AC
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