Essay
Answer the following:
a)Jack's lawn-mowing service is a profit-maximizing,perfectly competitive firm.Jack mows lawns for $27 each.His total cost each day is $280,of which $30 is total fixed cost.He mows 10 lawns a day.Will Jack exit the industry in the short-run? Why or why not?
b)Will Jack exit the industry in the long-run? Why or why not?
Correct Answer:
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a)Jack will exit the industry in the sho...View Answer
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Correct Answer:
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