Exhibit
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:

-Refer to Exhibit. If input costs are constant and there are no barriers to entry, the long-run equilibrium price of a pound of walnuts will be about:

Question

​Exhibit
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
​
 
-Refer to Exhibit. If input costs are constant and there are no barriers to entry, the long-run equilibrium price of a pound of walnuts will be about:

Quizplus · Accepted Answer

In the long run, with constant input costs and no barriers to entry, the equilibrium price will be at the minimum of the average total cost curve, which is about $2.00 per pound.

​Exhibit The Long-Run Total Cost Schedule of a Perfectly Competitive Firm

Exhibit The Long-Run Total Cost Schedule of a Perfectly Competitive Firm