Question
Please help with blanks, true or false, and the graph (showing where each point goes please) consider the competitive market for rhodium. Assume that no
Please help with blanks, true or false, and the graph (showing where each point goes please)" consider the competitive market for rhodium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost, average, total cost, an average variable cost curves, plotted in the following graph. (The first) If there were 10 firms in this market, the short run equilibrium price of rhodium would be ____ per pound. At that price, firms in this industry would (shut down/earn zero profit/operate at a loss/earn a positive profit). Therefore, in the long run, firms would (exit/entereither enter nor exit) the rhodium market.Because you know that competitive firms earn (negative/zero/positive) economic profit in the long run, you know the long run equilibrium price must be ___ per pound. From the graph, you can see that this means there will be (10/20/30) firms operating in the rhodium industry in the long run.True or false : assuming implicit cost or positive, each of the firms operating in this industry in the long run into positive accounting profit.
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