Could I have help figuring this out? 5. Long Run Producer SurplusFC =a. In the long run equilibrium of a perfectly competitive firm, fixed cost is:b. In the long run equilibrium of a perfectly competitive industry, profit is:d. If market demand for the industry's product increases, firms increase their demands forThis may drive up their prices, causing each firm's long runC. In long run equilibrium, the scale of each firm allows it to minimizecost curves to shiftande. The horizontal coordinate of any point on the long run industry supply curve shows:f. The vertical coordinate of any point on the long run industry supply curve shows:g. The area below the price line and above the long run industry supply curve measures:9.STAAST LONG

During the Long run production function all the factors are variables: Land Labor Capital All the…

5. Long Run Producer Surplus a. In the long run equilibrium of a perfectly competitive firm, fixed cost is: FC = b. In the long run equilibrium of a perfectly competitive industry, profit is: C. In long run equilibrium, the scale of each firm allows it to minimize d. If market demand for the industry's product increases, firms increase their demands for This may drive up their prices, causing each firm's long run and cost curves to shift e. The horizontal coordinate of any point on the long run industry supply curve shows: f. The vertical coordinate of any point on the long run industry supply curve shows: g. The area below the price line and above the long run industry supply curve measures:

5. Long Run Producer Surplus a. In the long run equilibrium of a perfectly competitive firm, fixed cost is: FC = b. In the long run equilibrium of a perfectly competitive industry, profit is: C. In long run equilibrium, the scale of each firm allows it to minimize d. If market demand for the industry's product increases, firms increase their demands for This may drive up their prices, causing each firm's long run and cost curves to shift e. The horizontal coordinate of any point on the long run industry supply curve shows: f. The vertical coordinate of any point on the long run industry supply curve shows: g. The area below the price line and above the long run industry supply curve measures:

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 13P

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