The graph depicts a monopolistically competitive firm. Assuming the firm's ATC is ATC', the firm's current economic profit (per day) is_____, and its long-run economic profit is _____ Price and cost $40 30 23 20 10 $3,000; $0 $1,500; $0 $1,500; $2,500 $4,000; $3,000 150 200 MC ATC ATC AR=D Quantity (per day)
The graph depicts a monopolistically competitive firm. Assuming the firm's ATC is ATC', the firm's current economic profit (per day) is_____, and its long-run economic profit is _____ Price and cost $40 30 23 20 10 $3,000; $0 $1,500; $0 $1,500; $2,500 $4,000; $3,000 150 200 MC ATC ATC AR=D Quantity (per day)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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
Transcribed Image Text:The graph depicts a monopolistically competitive firm. Assuming the firm's ATC is ATC', the firm's
current economic profit (per day) is_____, and its long-run economic profit is _____.
Price and
cost
$40
30
23
20
10
0
$3,000; $0
$1,500; $0
$1,500; $2,500
$4,000; $3,000
MR
150 200
MC
ATC
ATC
AR=D
Quantity (per day)
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