Refer to the information provided in Figure 9.7 below to answer the questions thatfollow.Price per bushel (S)26 ana. The industryD₁Bushels of wheatD₁D₁Figure 9.7Refer to Figure 9.7. If MR = $9, then in the long run,the firm will shut down.b. A representative firmMC10 1213 15Bushels of wheatnew firms will enter the industry, and the current firms will expandO production.the firm will exit the industry.None of the above is correct.ATCAVC

Under perfect competition market structure there are large no of sellers , sellung homogenous…

Refer to Figure 9.7. If MR = $9, then in the long run, the firm will shut down. new firms will enter the industry, and the current firms will expand O production. O O the firm will exit the industry. None of the above is correct.

Refer to Figure 9.7. If MR = $9, then in the long run, the firm will shut down. new firms will enter the industry, and the current firms will expand O production. O O the firm will exit the industry. None of the above is correct.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 12P

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