1 mark) MC AC 16 14 AVd 10 CO 8 11 14 Quantity efer to the figure, which depicts the cost curves of a firm
1 mark) MC AC 16 14 AVd 10 CO 8 11 14 Quantity efer to the figure, which depicts the cost curves of a firm in a perfectly competitive market. Assume the market price is Initialy $10. Given the rofitability in this industry, firms will the industry until long-run equilibrium is restored at a price equal to nswers A - D A exit. 914 B enter, 516 O C exit $16 O O D enter, $14
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