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mktrujillo mktrujillo
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A year ago
Suppose a typical firm in a competitive industry has the following data in the short run: price = $4000; output = 1 million units; ATC = $4000; AVC = $3500. 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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lucypierce86lucypierce86
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A year ago
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mktrujillo Author
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A year ago
This calls for a celebration Person Raising Both Hands in Celebration
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You make an excellent tutor!
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Smart ... Thanks!
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