Refer to the graph shown. Assuming that the industry operates under conditions of perfect competition and that the cost curves do not shift, the price of construction in a long-run competitive equilibrium will be:
A) $60 per square foot.
B) $55 per square foot.
C) $50 per square foot.
D) In the long run no construction will be supplied at any price.

Question

Refer to the graph shown. Assuming that the industry operates under conditions of perfect competition and that the cost curves do not shift, the price of construction in a long-run competitive equilibrium will be: 
A) $60 per square foot. 
B) $55 per square foot. 
C) $50 per square foot. 
D) In the long run no construction will be supplied at any price.

Quizplus · Accepted Answer

The Answer of Refer to the graph shown. Assuming that the industry operates under conditions of perfect competition and that the cost curves do not shift, the price of construction in a long-run competitive equilibrium will be: 
A) $60 per square foot. 
B) $55 per square foot. 
C) $50 per square foot. 
D) In the long run no construction will be supplied at any price.

Refer to the Graph Shown