Figure 8.7.3
-Refer to Figure 8.7.3 above. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, what will the price be?

Name: Figure 8.7.3 -Refer to Figure 8.7.3 above. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, what will the price be?
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Question

Quizplus · Accepted Answer

The price will be $60 in the long run because that is the price at which the quantity supplied equals the quantity demanded.

Figure 8.7.3 -Refer to Figure 8.7.3 Above. as the Competitive Industry, Not