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Author Question: Consider the following cost curves for Firm X, a perfectly competitive firm.FIGURE 9-8Refer to ... (Read 12 times)

Aimless0988

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



FIGURE 9-8

Refer to Figure 9-8. Suppose Firm X is producing output Q2 and the market price is P2. Now suppose demand conditions change and price rises above P2. We could expect that


◦ Firm X will now earn long-run economic profits.
◦ Firm X can gain market share as the market expands.
◦ Firm X will no longer be a price taker.
◦ the higher costs facing firms will cause some firms to leave the industry, allowing Firm X to earn profits in the short run.
◦ the profit now being earned by existing firms will induce new firms to enter the industry.


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Marked as best answer by Aimless0988 on Oct 12, 2022

iamkarenvv

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Aimless0988

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)


pratush dev

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Reply 3 on: Yesterday
:D TYSM

 

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