Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, that the price of each candy cane is $0.10, and that the market demand curve is downward sloping. The price of sugar rises, increasing the marginal and average total cost of producing candy canes by $0.05; there are no other changes in production costs. Once all of the adjustments to long-run equilibrium have been made, the price of candy canes will equal: $0.05. The question is impossible to answer without knowing exactly how many firms entered and/ or left the industry.. $0.10. $0.15. The question is impossible to answer without knowing exactly how many firms entered and/or left the industry.

Suppose that the market for candy canes operates under conditions of perfect competition, that it is initially in long-run equilibrium, that the price of each candy cane is $0.10, and that the market demand curve is downward sloping. The price of sugar rises, increasing the marginal and average total cost of producing candy canes by $0.05; there are no other changes in production costs. Once all of the adjustments to long-run equilibrium have been made, the price of candy canes will equal: $0.05. The question is impossible to answer without knowing exactly how many firms entered and/ or left the industry.. $0.10. $0.15. The question is impossible to answer without knowing exactly how many firms entered and/or left the industry.

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

Just a student stuck on this Economic question for awhile. Question in image.

I appreciate you helping me learn :)

Suppose that the market for candy canes operates under conditions of perfect competition, that it is
initially in long-run equilibrium, that the price of each candy cane is $0.10, and that the market
demand curve is downward sloping. The price of sugar rises, increasing the marginal and average total
cost of producing candy canes by $0.05; there are no other changes in production costs. Once all of
the adjustments to long-run equilibrium have been made, the price of candy canes will equal:
$0.05.
The question is impossible to answer without
knowing exactly how many firms entered and/
or left the industry..
$0.10.
$0.15.
The question is impossible to answer without knowing exactly how many firms entered and/or left the
industry.

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