Asked by Mariah
Consider total cost and total revenue given in the following:
(Quantity/Total Cost/Total Revenue):
(0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56)
Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?
Isn't this firm a competitive industry since the price is equal to the marginal revenue?
This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the long run euilibrium because at the equilibrium average cost and average revevue are not equal to each other.
This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the long run euilibrium because at the equilibrium average cost and average revevue are not equal to each other.
(Quantity/Total Cost/Total Revenue):
(0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56)
Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?
Isn't this firm a competitive industry since the price is equal to the marginal revenue?
This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the long run euilibrium because at the equilibrium average cost and average revevue are not equal to each other.
This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the long run euilibrium because at the equilibrium average cost and average revevue are not equal to each other.
Answers
There are no human answers yet.
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.