Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. The current market price is 2 cents per page. With no change in demand and technology, in the long run, the price will
A) remain unchanged.
B) rise to 5 cents per page.
C) rise to 4 cents per page.
D) fall to 1 cent per page.
A
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Since there are many special interests lobbying in favor of different tax changes but no special interests lobbying in favor of the public interest, this suggests that tax code changes will _____
a. lead towards more regressive taxation b. will favor special interests c. not be in the direction of efficiency d. b and c
The demand for hamburgers is estimated from this theoretical model:
Q = kPaIbAce, where Q = units per day, P = price per unit, A = advertising budget per month by sellers, I = per capita income of consumers, and e = a random error. In a recent study, one researcher estimated the log-linear form of this equation with regression analysis as: log Q = 2.5 - 0.33 log P + 0.15 log I + 0.2 log A. Explain what the coefficients of log P, log I, and log A reveal about this product.