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Refer to the Following Figure

Question 45

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Refer to the following figure:
Refer to the following figure:     The graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry. -If this were a constant-cost industry, what would be the price when the industry gets to long-run competitive equilibrium? A)  between $35 and $20 B)  $35 C)  $20 D)  below $20 E)  above $35
The graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry.
-If this were a constant-cost industry, what would be the price when the industry gets to long-run competitive equilibrium?


A) between $35 and $20
B) $35
C) $20
D) below $20
E) above $35

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