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The competitive industry and firm ATC AVC, ATC, MC AVC 10 11 12 13 14 Output per period The Competitive Industry and Firm Refer to

The competitive industry and firm
ATC AVC, ATC, MC AVC 10 11 12 13 14 Output per period The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market If the market price is $70, what is likely to happen in the future? O a. This firm will remain in the industry, but other firms are likely to leave. O b. There will be no change in the future. O c. New firms will enter the industry. Old. Existing firms will leave the industry

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