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7. Short-run supply and long-run equilibrium Consider the competitive market for ruthenium. Assume that no matter how many firms operate in the industry, every firm

7. Short-run supply and long-run equilibrium

Consider the competitive market for ruthenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph.

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\f80 72 Supply (10 firms) 64 56 Demand 48 Supply (20 firms) 40 PRICE (Dollars per pound) 32 Supply (30 firms) 24 16 8 0 0 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds)

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