A firm in a competitive market has the following cost structure Output Total Cost 0 $5 1 $10 2 $12 3 $15 4 $24 $40 6 If the market price is $3, this firm will a produce three units in the short run and exit in the long run b produce four units in the short run and face competition from new market entrants in the long run c produce three units in the short run and face competition from new market entrants in the long run d shut down in the short run and exit in the long run A firm in a competitive market has the following cost structure Output Total Cost 0 $20 1 $40 2 $48 3 $60 4 $96 5 $160 7 The market is in the long run What must be the price in the market in the long run a $22 b $24 C $20 d $16 e None of the above 8 The total cost function for a PC firm is as follows TC 100 160Q 802 0 403 What is the minimum price a firm would accept to stay open in the short run a P $20 b P $80 C P $120 d P $100 e None of the above

Question

A firm in a competitive market has the following cost structure  Output Total Cost 0 $5 1 $10 2 $12 3 $15 4 $24 $40 6  If the market price is $3, this firm will a  produce three units in the short run and exit in the long run  b  produce four units in the short run and face competition from new market entrants in the long run  c  produce three units in the short run and face competition from new market entrants in the long run  d  shut down in the short run and exit in the long run  A firm in a competitive market has the following cost structure  Output Total Cost 0 $20 1 $40 2 $48 3 $60 4 $96 5 $160 7  The market is in the long run  What must be the price in the market in the long run  a  $22 b  $24 C  $20 d  $16 e  None of the above 8  The total cost function for a PC firm is as follows  TC 100 160Q 802 0 403 What is the minimum price a firm would accept to stay open in the short run  a  P $20 b  P $80 C  P $120 d  P $100 e  None of the above

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Question

A firm in a competitive market has the following cost structure: Output Total Cost 0 $5 1 $10 2 $12 3 $15 4 $24 $40

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