Use the following to answer questions:
-(Table: Cherry Farm) Look at the table Cherry Farm. How much will the industry produce in long-run equilibrium?

Question

Use the following to answer questions: 
-(Table: Cherry Farm) Look at the table Cherry Farm. How much will the industry produce in long-run equilibrium?

Quizplus · Accepted Answer

In long-run equilibrium, firms produce at the level where average total cost is minimized. If the table indicates that 400 pounds is the output level where this occurs, then the industry will produce 400 pounds in long-run equilibrium.

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