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Assume That All Firms in This Industry Have Identical Cost

Question 114

Multiple Choice

Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive. In the long run, the equilibrium price will be ________ per gallon, and each firm's profit-maximizing quantity will be ________ gallons per week. A) $20; 400 B) $15; 6,000 C) $15; 300 D) $20; 4,000 In the long run, the equilibrium price will be ________ per gallon, and each firm's profit-maximizing quantity will be ________ gallons per week.


A) $20; 400
B) $15; 6,000
C) $15; 300
D) $20; 4,000

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