Essay
A firm sells its output in a competitive market.The firm's total cost function is given in the accompanying schedule:
The market price is $7 per unit.
a.What is the firm's profit-maximizing output level?
b.Is the industry in long-run equilibrium? Explain.
Correct Answer:
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a.5
b.No.P...View Answer
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Correct Answer:
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b.No.P...
View Answer
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