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Price and cost MC ATC AVC MR LO 750 1,100 1,350 1,800 Quantity Refer to Figure 12-11. Suppose the prevailing price is $20 and the

Price and cost MC ATC AVC MR LO 750 1,100 1,350 1,800 Quantity Refer to Figure 12-11. Suppose the prevailing price is $20 and the firm is currently producing 1,350 units. In the long-run equilibrium, the firm represented in diagram O will continue to produce the same quantity O will reduce its output to 750 units. O will reduce its output to 1,100 units. O will cease to exist

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