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Author Question: Consider the following cost curves for Firm X, a perfectly competitive firm.FIGURE 9-8Refer to ... (Read 18 times)

am7272

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Consider the following cost curves for Firm X, a perfectly competitive firm.



FIGURE 9-8

Refer to Figure 9-8. If Firm X is producing output Q1 and the market price is P1,


◦ there is no lower-cost scale of plant which could be built by Firm X.
◦ there are profits to induce increases in output by Firm X, using its existing plant.
◦ new firms have a profit incentive to enter the industry, building larger plants.
◦ Firm X is producing at its minimum efficient scale.
◦ Firm X is at its long-run profit-maximizing position.


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Marked as best answer by am7272 on Oct 12, 2022

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am7272

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review


rachel

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Reply 3 on: Yesterday
Wow, this really help

 

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