Use the figure below to answer the following question.

Figure 11.4.4

Refer to Figure 11.4.4, which shows the cost curves for a perfectly competitive firm. If all firms in the market have the same cost curves and the price is $16 per unit,

Question

Use the figure below to answer the following question.

Figure 11.4.4

Refer to Figure 11.4.4, which shows the cost curves for a perfectly competitive firm. If all firms in the market have the same cost curves and the price is $16 per unit,

Answer

in the long run, the price will fall as new firms enter the market.

Answer

in the long run, firms will leave this market.

Answer

none of the above

Answer

the firm is making zero economic profit.

Answer

the market is in long-run equilibrium.

Crowdly

Use the figure below to answer the following question. Figure 11.4.4 ...

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