At current output a perfectly competitive firm finds that Marginal Revenue (MR) = 80, Marginal Cost (MC = 80), Average Variable Cost (AVC) = 40,
At current output a perfectly competitive firm finds that Marginal Revenue (MR) = 80, Marginal Cost (MC = 80), Average Variable Cost (AVC) = 40, Average Total Cost (ATC)= 75, quantity (Q) = 100. In the long-run, what will happen to the number of firms in the industry, industry output, market price, and the output of a typical firm? Explain
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