Answered: Suppose the book-printing industry is…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 24RQ: Why does entry occur?

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Question

Suppose the book-printing industry is competitive and begins in a long-run equilibrium. Then Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books.

The following graph shows Hi-Tech's initial marginal-cost curve (MC1MC1) and average-total-cost curve (ATC1ATC1) before the new technology, and its marginal-cost curve (MC2MC2) and average-total-cost curve (ATC2ATC2) after the new technology.

Now suppose the patent expires and other firms are free to use the technology.

Which of the following statements are true about what happens in the long run? Check all that apply.

The market price stays at P1P1.

Hi-Tech's average-total-cost curve rise back to ATC1ATC1.

All firms earn zero profit.

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