Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose we have the following information for a firm in the competitive market: P=$110; q=100 TC=$10,000 for q=0; AVC=$20 for q=100 Which of the following

Suppose we have the following information for a firm in the competitive market:

P=$110; q=100

TC=$10,000 for q=0;

AVC=$20 for q=100

Which of the following is true for q=100?

The price above represents the long-run equilibrium

Firms will enter in the long run

All firms will exit in the long run

Some firms will exit in the long run

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of quality control and improvement

Authors: amitava mitra

3rd edition

470226536, 978-1-11849164, 978-0470226537

Students also viewed these Economics questions