(Table: Blueberry Farm) Use Table: Blueberry Farm. Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. If the price is $4 per pound: Table: Blueberry Farm Quantity of Blueberries (in pounds) 0 1 2 3 4 5 6 7 Total Cost $2 7 11 13 16 21 28 38 a) firms will enter the industry. b) firms will exit the industry. c) the industry has maximized average total cost d) the industry is in long-run equilibrium 4
(Table: Blueberry Farm) Use Table: Blueberry Farm. Suppose there are 100 farms in this industry with identical cost curves, as shown in the table. If the price is $4 per pound: Table: Blueberry Farm Quantity of Blueberries (in pounds) 0 1 2 3 4 5 6 7 Total Cost $2 7 11 13 16 21 28 38 a) firms will enter the industry. b) firms will exit the industry. c) the industry has maximized average total cost d) the industry is in long-run equilibrium 4
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 23RQ: What two lines on a cost curve diagram intersect at the shutdown point?
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