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brettlaw brettlaw
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A year ago

The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in long-run equilibrium.

Short description: A graph plots q against cost. Long description: The horizontal axis representing q ranges from 0 to 500, in increments of 100. The vertical axis representing cost ranges from 0 to 40, in increments of 10. The curve representing AC passes through the following points: (160, 28), (200, 20), (300, 15), (400, 17.5), and (500, 22.5). The curve representing MC passes through the following points: (215, 13), (300, 15), (400, 22.5), and (480, 45). The two curves intersect at (300, 15). Note: all values are approximate.

FIGURE 9-10

Refer to Figure 9-10. The long-run equilibrium price of the product is



▸ $0.

▸ between $0 and $15.

▸ more than $35.

▸ $15.

▸ between $15 and $35.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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jaimielaviejaimielavie
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A year ago
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brettlaw Author
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