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flemingpk flemingpk
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A year ago
Suppose a typical firm in a competitive industry has the following data in the short run: price = $10; output = 100 units; ATC = $8; AVC = $7. What will likely happen in the long run?

▸ In the long run, the industry will expand because firms are earning economic profits.

▸ In the long run, the industry will contract because firms are suffering losses.

▸ The size of the industry will remain the same in the long run.

▸ The typical firm would shut down, until the remaining firms have a higher price.

▸ There is not enough information to formulate an answer.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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someonespecialsomeonespecial
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A year ago
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