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Two Firms Constitute the Entire Doghouse Industry

Question 3

Multiple Choice

Two firms constitute the entire doghouse industry. One has a long-run cost curve of 3 + 4 Two firms constitute the entire doghouse industry. One has a long-run cost curve of 3 + 4 and the other has a long-run cost curve of 10 + . If no new firms enter the industry, at which of the following prices will exactly one firm operate? A) $1 B) $3 C) $5 D) $7 E) None of the above. and the other has a long-run cost curve of 10 + Two firms constitute the entire doghouse industry. One has a long-run cost curve of 3 + 4 and the other has a long-run cost curve of 10 + . If no new firms enter the industry, at which of the following prices will exactly one firm operate? A) $1 B) $3 C) $5 D) $7 E) None of the above. . If no new firms enter the industry, at which of the following prices will exactly one firm operate?


A) $1
B) $3
C) $5
D) $7
E) None of the above.

Correct Answer:

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