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Based on the Above Scenario,is the Industry in the Long

Question 13

Multiple Choice

Based on the above scenario,is the industry in the long run equilibrium?


A) yes,because all firms are producing at P=MR=MC
B) no,because the price is still greater than the minimum average total cost.
C) cannot answer because need information on MR
D) cannot answer unless we see that the market lets some firms enter and/or some firms exit.

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