Multiple Choice
A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000.The prevailing market price is $48.Assuming that this firm continues to produce in the long run, what happens to output level in the long run?
A) The firm's output falls.
B) The firm's output increases.
C) The firm produces the same output level.
D) There is insufficient information to answer the question.
Correct Answer:
Verified
Correct Answer:
Verified
Q213: Figure 12-10<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 12-10
Q214: If a perfectly competitive firm's total revenue
Q215: Table 12-1<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Table 12-1
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Q219: Figure 12-9<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 12-9
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Q223: Figure 12-18<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB4193/.jpg" alt="Figure 12-18