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Author Question: Consider the following cost curves for Firm X, a perfectly competitive firm.FIGURE 9-8Refer to ... (Read 45 times)

Aimless0988

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on: Oct 12, 2022

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.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Aimless0988 on Oct 12, 2022

iamkarenvv

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Reply #1 on: Oct 12, 2022
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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Aimless0988

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Reply 2 on: Oct 12, 2022
Excellent

sarah_brady415

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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