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Use the following graphs for a perfectly competitive market in the short run to answer the next question. A set of 2 graphs depicts MC,
Use the following graphs for a perfectly competitive market in the short run to answer the next question. A set of 2 graphs depicts MC, ATC, S, and D curves.First graph depicts dollars on the vertical axis with firm on the horizontal axis and two u-shaped curves, MC and ATC intersect each other.Second graph depicts P on the vertical axis with industry on the horizontal axis. An increasing line, S and a decreasing line, D intersect each other and a dotted horizontal line from the vertical axis of the first graph connects to the intersecting point of S and D. The graphs suggest that in the long run, assuming no changes in the given information, Multiple Choice new firms will enter the industry. buyers will leave the industry. more buyers will come to the market. some firms will exit from this industry
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