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melisooflyy melisooflyy
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A year ago
Suppose a typical firm in a competitive industry has the following data in the short run: price = $5000; output = 1 million units; ATC = $5300; AVC = $4750. 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.

▸ Consumers will avoid this industry because firms are suffering losses.

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

Microeconomics


Edition: 17th
Author:
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ssong07ssong07
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A year ago
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This helped my grade so much Perfect
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