Exhibit 12-10
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
Refer to Exhibit 12-10.If firms can freely enter or exit the industry and face the cost structures specified,what is the likely long-run price of a canister of peanuts?

Question

Exhibit 12-10
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
  Refer to Exhibit 12-10.If firms can freely enter or exit the industry and face the cost structures specified,what is the likely long-run price of a canister of peanuts?

Quizplus · Accepted Answer

The Answer of Exhibit 12-10
The following table shows how the total cost of producing canisters of peanuts varies with output and capital in the long run in a perfectly competitive industry.
  Refer to Exhibit 12-10.If firms can freely enter or exit the industry and face the cost structures specified,what is the likely long-run price of a canister of peanuts?

Exhibit 12-10 The Following Table Shows How the Total Cost of Producing