Refer to Figure 12 7 Suppose the prevailing price is 20 and the firm is

Refer to figure 12 7 suppose the prevailing price is

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107)Refer to Figure 12-7.Suppose the prevailing price is $20 and the firm is currently producing 1,350units. In the long-run equilibrium,A) there will be more firms in the industry and total industry output increases.B) there will be fewer firms in the industry and total industry output decreases.C) there will be fewer firms in the industry but total industry output increases.D) there will be more firms in the industry and total industry output remains constant.Answer: A107)Diff: 2Page Ref: 412-413/412-413Topic: Long-Run EquilibriumLearning Outcome: Micro 13: Explain the relationship between production and profits under perfectcompetitionAACSB: Analytic Skills108)Refer to Figure 12-7. If this is a constant-cost industry, what is the market price in the long-runequilibrium?108)Diff: 2Page Ref: 412-413/412-413Topic: Long-Run EquilibriumLearning Outcome: Micro 13: Explain the relationship between production and profits under perfectcompetitionAACSB: Analytic Skills109) If a typical firm in a perfectly competitive industry is earning profits, then
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  • Spring '11
  • Lee
  • Economics, Harshad number, AACSB, Page Ref, long-run equilibrium

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