Problem #2 – Evaluate the following two statements. Do you agree? Why or why not?
October 14, 2020
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October 14, 2020
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Calculate then graph the ATC and MC curves for a typical competitive firm, labeling everything relevant. How much economic profit do competitive

Calculate then graph the ATC and MC curves for a typical competitive firm, labeling everything relevant.  How much economic profit do competitive firms make in the long run?  Therefore, what price would be charged by competitive firms in a long run equilibrium in this industry? Why do competitive firms stay in business in the long run?

 

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