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whitedreamerz whitedreamerz
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2 years ago
Suppose a typical firm in a competitive industry has the following data in the short run: price = $6; 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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daoneandonly300daoneandonly300
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whitedreamerz Author
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2 years ago
Helped a lot
ealvino1610
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Thanks
ediblefruitz
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this is exactly what I needed
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