Based on all these data, the equilibrium price of the product in the market will be:
Refer to the cost table above. Now suppose that there are 600 identical firms in this industry, each with the same cost data as the single firm discussed above. Suppose, too, that the demand curve for this industry is as follows:
A. $60
B. $95
C. $120
D. $75
B. $95
Economics
You might also like to view...
The law of diminishing marginal utility is the principle that the marginal utility curve ____ as people consume more of a product in a given period
a. rises. b. falls. c. remains unchanged. d. first falls and then rises.
Economics
How is the market clearing price established in a perfectly competitive industry?
What will be an ideal response?
Economics