Suppose the figure illustrates the long-run average cost curve (AC) and the marginal cost curve (MC) for a representative firm in a perfectly competitive market. Assume all firms in the industry have the same cost structure. The other figure illustrates the market, with a market supply curve (S) and a market demand curve (D). How many firms are there initially? The industry has firms. (Enter your response as an integer value.) 3 pages Grapher ayer.aspx?cultureld=en-us&theme=econ&style=highered&disableStandhuli Price (dollars per unit) Price (dollars per unit) 64.00 60.00 56.00 52.00- 48.00- 44,00 40.00 36.00- 32.00- 28,00 8 24.00 20.00- 16.00- 12.00- 8.00- 4.00- 0.00 64.00- 60.00 56.00 52.00 48.00- 44.00- 40.00 36.00 32.00- 28,00 24.00 a 20.00 16.00- 0 Quantity S MC Clear all AC 10 Q Q
Suppose the figure illustrates the long-run average cost curve (AC) and the marginal cost curve (MC) for a representative firm in a perfectly competitive market. Assume all firms in the industry have the same cost structure. The other figure illustrates the market, with a market supply curve (S) and a market demand curve (D). How many firms are there initially? The industry has firms. (Enter your response as an integer value.) 3 pages Grapher ayer.aspx?cultureld=en-us&theme=econ&style=highered&disableStandhuli Price (dollars per unit) Price (dollars per unit) 64.00 60.00 56.00 52.00- 48.00- 44,00 40.00 36.00- 32.00- 28,00 8 24.00 20.00- 16.00- 12.00- 8.00- 4.00- 0.00 64.00- 60.00 56.00 52.00 48.00- 44.00- 40.00 36.00 32.00- 28,00 24.00 a 20.00 16.00- 0 Quantity S MC Clear all AC 10 Q Q
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Transcribed Image Text:Suppose the figure illustrates the long-run average cost curve (AC) and the marginal cost curve (MC) for
a representative firm in a perfectly competitive market. Assume all firms in the industry have the same
cost structure. The other figure illustrates the market, with a market supply curve (S) and a market
demand curve (D).
n 3
How many firms are there initially?
The industry has firms. (Enter your response as an integer value.)
pages Grapher
ayer.aspx?cultureld=en-us&theme=econ&style=highered&disableStandhulpdiut
@
Price (dollars per unit)
Price (dollars per unit)
64.00
60.00-
56.00
52.00-
48.00
44.00
40.00
36.00
32.00
28.00-
24.00
20.00-
16.00-
12.00-
8.00
4.00
0.00
64.00
60.00
56.00-
52.00
48.00-
44.00-
40.00-
36.00
32.00
28.00
24.00
20.00
16.00
0
1 2
Quantity
S
MC
Clear all
9
D
AC
10
Q
Q
Q
G
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