The table illustrates the long-run average cost values for refrigerator producers in a perfectly competitive market. Use the table below to answer the questions.

Quantity Produced

Long-Run Average Cost

A 10,000 Quantity $1,200 Cost

B 20,000 Quantity $900 Cost

C 30,000 Quantity $700 Cost

D 40,000 Quantity $700 Cost

E 50,000 Quantity $800 Cost

F 60,000 Quantity $1,000 Cost

a.What would be the minimum and maximum number of firms you would expect to be in the industry under the following conditions:

Demand is 12 million units.

Minimum firms:

Maximum firms:

Demand is 40,000 units.

Minimum firms:

Maximum firms:

The table illustrates the long-run average cost values for refrigerator producers in a perfectly competitive market. Use the table below to answer the questions. Quantity Produced Long-Run Average Cost 10,000 $1,200 B 20,000 $900 30,000 $700 D 40.000 $700 E 50,000 $800 F 60,000 $1,000 a. What would be the minimum and maximum number of firms you would expect to be in the industry under the following conditions: Demand is 12 million units. Minimum: 6 firms Maximum: 36 firms Demand is 40,000 units. Minimum: firms