Figure 8.2
-Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, what will the price be?
A) $60
B) $64
C) $70
D) $71
E) $80

Name: Figure 8.2 -Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, what will the price be? A) $60 B) $64 C) $70 D) $71 E) $80
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Question

Figure 8.2
-Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, what will the price be?
A) $60 
B) $64 
C) $70 
D) $71 
E) $80

Quizplus · Accepted Answer

In long-run equilibrium, the price will be equal to the minimum average total cost, which is $60.

Figure 8.2 -Refer to Figure 8.2. as the Competitive Industry, Not Just