Quantity (cases) Total Revenue (dollars) $75 Price Total Cost (dollars) $75 (dollars) $60 70 140 195 85 3. 65 105 4 60 240 115 55 275 130 50 300 155 7. 45 315 190 8. 40 320 230 6. 35 315 280 Please refer to the figure above: What is likely to happen to the product's price in the long run? O a. It will fall. O b. It will increase. O c. It will remain constant. O d. This cannot be determined without information on its long-run demand curve.

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

1

Quantity
(cases)
Total Revenue Total Cost
(dollars)
$75
Price
(dollars)
$75
(dollars)
$60
1
70
140
85
105
65
195
4
60
240
115
5
55
275
130
50
300
155
7.
45
315
190
40
320
230
35
315
280
Please refer to the figure above: What is likely to happen to the product's price in the long run?
O a. It will fall.
O b. It will increase.
O c. It will remain constant.
O d. This cannot be determined without information on its long-run demand curve.
Transcribed Image Text:Quantity (cases) Total Revenue Total Cost (dollars) $75 Price (dollars) $75 (dollars) $60 1 70 140 85 105 65 195 4 60 240 115 5 55 275 130 50 300 155 7. 45 315 190 40 320 230 35 315 280 Please refer to the figure above: What is likely to happen to the product's price in the long run? O a. It will fall. O b. It will increase. O c. It will remain constant. O d. This cannot be determined without information on its long-run demand curve.
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