MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
Question
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Chapter 13, Problem 19QE

(a)

To determine

The quantity of output that is produced at $70.

(b)

To determine

Profit of the firm.

(c)

To determine

Expectation of the firm.

(d)

To determine

In a perfectly competitive market structure, the long-run equilibrium price or marginal cost will be equal to the average total cost (Price = MC = ATC). At this level, the equilibrium price will be $40, where the firm earns only zero economic profit (normal profit).

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