Suppose That for Each Firm in the Competitive Market for Potatoes,long-Run

question 40

Multiple Choice

Suppose that for each firm in the competitive market for potatoes,long-run average cost is minimized at $0.20 per pound when 500 pounds are grown.If the long-run supply curve is horizontal,then

• A) some firms will enjoy long-run profits because they operate at minimum average cost.
• B) the long-run price will be $0.20 per pound.
• C) each consumer will purchase $100 worth of potatoes.
• D) the long-run price will be set just above $0.20 per pound.

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