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Ashurbanipal Ashurbanipal
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A year ago

The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market. The graph on the right shows the current market conditions in this industry.

Short description: Two graphs labelled firm and industry. Long description: The first graph is titled, firm. The horizontal axis representing q ranges from 0 to 100, in increments of 20. The vertical axis representing dollars ranges from 0 to 8, in increments of 1. The graph shows two curves. The curve representing SMC passes through the following points: (10, 1), (30, 1.3), (40, 1.6), (50, 2.5), (60, 4), and (63, 5.3). The curve representing ATC passes through the following points: (10, 2.3), (20, 1.5), (30, 1.3), (40, 1.25), (50, 1.6), (60, 2), (70, 3), and (78.5, 4.5). The two curves intersect at (30, 1.3). The second graph is titled industry. The horizontal axis representing q ranges from 27000 to 54000, in increments of 27000. The vertical axis representing P ranges from 0 to 8, in increments of 1. The graph shows two lines. The increasing line representing S passes through the following points: (13500, 2), (27000, 4), and (46000, 7). The decreasing line representing D passes through the following points: (5000, 6.8), (27000, 4), and (50000, 1.3). The two lines intersect at (27000, 4). Note: all values are approximate.

FIGURE 9-7

Refer to Figure 9-7. What do you expect to happen in the long-run?



▸ Market supply will decrease.

▸ Market price will decrease.

▸ The firm's profit will decrease.

▸ both A and B

▸ both B and C
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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wukong81wukong81
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Ashurbanipal Author
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A year ago
this is exactly what I needed
DAGINC
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Yesterday
You make an excellent tutor!
nsak
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2 hours ago
Good timing, thanks!
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