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Refer to Table. What is the lowest price at which this firm would operate in the short run and long-run in a competitive market? a. $5 in short-run and $6 in long run at which firm earns a zero economic profit. $5 in short run and $6 in long run at which firm earns a positive economic profit. b. O c. $6 in short-run and $5 in the long run at which the firm earns a positive economic profit. $6 in short run and $5 in the long run at which firm earns a zero economic profit.

Refer to Table. What is the lowest price at which this firm would operate in the short run and long-run in a competitive market? a. $5 in short-run and $6 in long run at which firm earns a zero economic profit. $5 in short run and $6 in long run at which firm earns a positive economic profit. b. O c. $6 in short-run and $5 in the long run at which the firm earns a positive economic profit. $6 in short run and $5 in the long run at which firm earns a zero economic profit.

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 5PA
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QUESTION 13 Quantity 0 1 2 3 4 5 6 Total Cost $4 $10 $16 $21 $24 $35 $48 Refer to Table. What is the lowest price at which this firm would operate in the short run and long-run in a competitive market? a. $5 in short-run and $6 in long run at which firm earns a zero economic profit. $5 in short run and $6 in long run at which firm earns a positive economic profit. b. O c. $6 in short-run and $5 in the long run at which the firm earns a positive economic profit. $6 in short run and $5 in the long run at which firm earns a zero economic profit.
Transcribed Image Text:QUESTION 13 Quantity 0 1 2 3 4 5 6 Total Cost $4 $10 $16 $21 $24 $35 $48 Refer to Table. What is the lowest price at which this firm would operate in the short run and long-run in a competitive market? a. $5 in short-run and $6 in long run at which firm earns a zero economic profit. $5 in short run and $6 in long run at which firm earns a positive economic profit. b. O c. $6 in short-run and $5 in the long run at which the firm earns a positive economic profit. $6 in short run and $5 in the long run at which firm earns a zero economic profit.
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