QUESTION 10 In an increasing cost industry, the long-run market supply curve is because the long run is increasing. downward sloping; average variable cost (AC) upward sloping: fixed cost (FC) downward sloping; marginal cost (MC) O upward sloping; average cost (AC) QUESTION 11 In the long run, each perfectly competitive firm has long run AC = 4+5Q+20/Q and MC=4+10Q. What is the long run equilibrium price P*? %3D $20 $24 $4
QUESTION 10 In an increasing cost industry, the long-run market supply curve is because the long run is increasing. downward sloping; average variable cost (AC) upward sloping: fixed cost (FC) downward sloping; marginal cost (MC) O upward sloping; average cost (AC) QUESTION 11 In the long run, each perfectly competitive firm has long run AC = 4+5Q+20/Q and MC=4+10Q. What is the long run equilibrium price P*? %3D $20 $24 $4
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 5CQQ
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Question
![QUESTION 10
In an increasing cost industry, the long-run market supply curve is
because the long run
is increasing.
downward sloping; average variable cost (AC)
upward sloping; fixed cost (FC)
downward sloping; marginal cost (MC)
upward sloping; average cost (AC)
QUESTION 11
In the long run, each perfectly competitive firm has long run AC = 4+5Q+20/Q and MC=4+10Q. What is the long run equilibrium price P*?
$20
$24
$4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0474b1ef-c925-42e1-bee6-e499268440f7%2F24202b10-5be7-4239-a764-513476045d25%2F65qz5zc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 10
In an increasing cost industry, the long-run market supply curve is
because the long run
is increasing.
downward sloping; average variable cost (AC)
upward sloping; fixed cost (FC)
downward sloping; marginal cost (MC)
upward sloping; average cost (AC)
QUESTION 11
In the long run, each perfectly competitive firm has long run AC = 4+5Q+20/Q and MC=4+10Q. What is the long run equilibrium price P*?
$20
$24
$4
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