If there were 10 firms in this market, the short-run equilibrium price of steel would be per ton. At that price, firms in this industry would v . Therefore, in the long run, firms would v the steel market. Because you know that competitive firms earn 7 economic profit in the long run, you know the long-run equilibrium price must be per ton. From the graph, you can see that this means there will be V firms operating in the steel industry in longrun equilibrium. True or False: Assuming implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. 0 True 0 False 100 90 Supply (10 firms) 80 70 60 Supply (15 firms) 50 PRICE (Dollars per ton) 40 Supply (20 firms) Demand 30 20 10 0 0 125 250 375 500 625 750 875 1000 1125 1250 QUANTITY (Thousands of tons)100 90 80 70 60 COSTS (Dollars per ton) 50 40 ATC 30 20 10 MC AVC 0 0 10 20 30 40 50 60 70 80 90 100 QUANTITY (Thousands of tons)If there were 10 firms in this market, the short-run equilibrium price of steel would be per ton. At that price, firms in this industry would v . Therefore, in the long run, firms would V the steel market. earn zero profit ompetitive firms earn v economic profit in the long run, you know the long-run equilibrium price must be operate at a loss the graph, you can see that this means there will be v firms operating in the steel industry in long-run equilibrium. shut down implicit costs are positive, each of the firms operating in this industry in the long run earns negative accounting profit. earn a positive profit If there were 10 firms in this market, the short-run equilibrium price of steel would be per ton. At that price, firms in this industry would v . Therefore, in the long run, firms would v the steel market. enter Because you know that competitive firms earn 7 econom ou know the long-run equilibrium price must be per ton. From the graph, you can see that this means there exit ting in the steel industry in longrun equilibrium. neither enter nor exit True or False: Assuming implicit costs are positive, each of the firms 0 in the long run earns negative accounting profit. 0 True 0 False If there were 10 firms in this market, the short-run equilibrium price of steel would be $ per ton. At that price, firms in this industry would . Therefore, in the long run, firms would the steel market. Because you know that competitive firms earn economic profit in the long run, you know the long-run equilibrium price must be $ per ton. From the graph, you can se means there will be firms operating in the steel industry in long-run equilibrium. positive True or False: Assuming implicit costs are posit zero the firms operating in this industry in the long run earns negative accounting profit. True negative O FalseIf there were 10 firms in this market, the short-run equilibrium price of steel would be per ton. At that price, firms in this industry would V . Therefore, in the long run, firms would V the steel market. Because you know that competitive firms earn v economic profit in the long run, you know the longrun equilibrium price must be per ton. From the graph, you can see that this means there will be v firms operating in the steel industry in long-run equilibrium. True or False: Assuming implicit costs are positive, each of the firms operatin- industry in the long run earns negative accounting profit. 0 True 0 False