Figure 8.7.1
-Refer to Figure 8.7.1 above. When market price equals $40, the long run level of output will be:

Name: Figure 8.7.1 -Refer to Figure 8.7.1 above. When market price equals $40, the long run level of output will be:
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In the long run, firms will produce at the level of output where price equals long-run marginal cost (LMC). If the market price is $40, the firm will adjust its output to q2, where the price equals LMC.

Figure 8.7.1 -Refer to Figure 8.7.1 Above. When Market Price Equals $40