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Author Question: Assume the peanut industry, a perfectly competitive industry, is in long-run equilibrium with a ... (Read 97 times)

xroflmao

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on: Apr 19, 2019

Question 1

Which of the following is the set of conditions necessary for long-run equilibrium for a perfectly competitive firm?


◦ P = 
SRMC < 
SRAC = 
LRAC
◦ P > 
SRMC = 
SRAC = 
LRAC
◦ P = 
SRMC = 
SRAC > 
LRAC
◦ P = 
SRMC = 
SRAC = 
LRAC

Question 2

Assume the peanut industry, a perfectly competitive industry, is in long-run equilibrium with a market price of $5. If demand for peanuts increases and this industry is a decreasing-cost industry, long-run equilibrium will be reestablished at a price


◦ greater than $5.
◦ less than $5.
◦ equal to $5.
◦ either greater than or less than $5, depending on the number of firms that enter the industry.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by xroflmao on Apr 19, 2019

bdobbins

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Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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xroflmao

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Reply #2 on: Apr 19, 2019
Excellent


bdobbins

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Reply #3 on: Apr 19, 2019
Great! Please up vote :D


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