Will other firms enter the singing lesson business and compete with Lorie? Other firms because enter the singing lesson business OA. will, singing lessons have low fixed costs B. will; Lorie is making an economic profit OC. will not Lorie is incurring an economic loss OD. will not very few people want to take singing lessons

Will other firms enter the singing lesson business and compete with Lorie? Other firms because enter the singing lesson business OA. will, singing lessons have low fixed costs B. will; Lorie is making an economic profit OC. will not Lorie is incurring an economic loss OD. will not very few people want to take singing lessons

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the firms profit or loss?
18 Market Representative Firm MC i of A a $7 MR = P ATC b $5 AVC $2 D1 18,000 70 100 115 Quantity (Q) Output (Q) The diagram above shows a Perfectly Competitive market on the left, and a representative firm supplying in that market on the right. In the long run we would expect the market and the Price to Select one: a. existing firms to exit; increase b. new firms to enter; increase С. new firms to enter; decrease d. existing firms to exit; decrease Price $$$
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At the marketplace $8 per bushel.....please answer
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