Refer to the Information Provided in Figure 12

question 187

Multiple Choice

Refer to the information provided in Figure 12.4 below to answer the question(s) that follow. Figure 12.4
There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S^{0 and D0.}
-Refer to Figure 12.4. Currently in sector Y, price is

• A) greater than average cost.
• B) less than average cost.
• C) equal to average cost.
• D) More information is needed to answer the question.

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Definitions:

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