A Perfectly Competitive Firm in a Constant-Cost Industry Produces 1,000

question 144

True/False

A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000.If the prevailing market price is $48, the number of firms and the industry's output will decrease in the long run.

---

Definitions:

Pleasure Reading

Reading material selected for enjoyment and entertainment, rather than for educational or informational purposes.

Short-Term Goal

An objective set to be achieved in the near future, often serving as a step towards a long-term goal.

Academic Adviser

A faculty member or staff who provides guidance and support to students on academic matters, including course selections and career advice.

Memorable Part

An aspect or element of an experience or event that is particularly striking or lasting in memory.