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Author Question: The following diagram shows a perfectly competitive industry and firm. Initial supernormal profits ... (Read 112 times)

bio_gurl

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Question 1

The following diagram shows a perfectly competitive industry and firm.


The position shown is NOT a long-run equilibrium because
MC > AC.
D = AR.
AR = MR.
AR > AC at Qe.

Question 2

The following diagram shows a perfectly competitive industry and firm. Initial supernormal profits have attracted new firms into the industry.

 
QL represents long-run equilibrium output of the firm because
P1 > PL.
LRAC = ARL.
Se > S1.
D1 > DL.


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Marked as best answer by bio_gurl on May 25, 2020

ASDFGJLO

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bio_gurl

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Reply 2 on: May 25, 2020
YES! Correct, THANKS for helping me on my review


daiying98

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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