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Suppose that for each firm in the competitive market for potatoes, long-run average cost is ...
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QUESTION
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 20c per pound when 500 pounds are grown. The demand for poratoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how many firms will this industry sustain in the long run?
ANSWER
A.) 0
B.) 100
C.) 50,000
D.) There is not enough information to answer
Pay someone to do your homework, quizzes, exams, tests, assignments and full class at:
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 20c per pound when 500 pounds are grown. The demand for poratoes is Q = 10,000/p. If the long-run supply curve is horizontal, then how many firms will this industry sustain in the long run?
ANSWER
A.) 0
B.) 100
C.) 50,000
D.) There is not enough information to answer
Pay someone to do your homework, quizzes, exams, tests, assignments and full class at:
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