Given Below Is a Perfectly Competitive Firm Under Long Run

question 68

Multiple Choice

Given below is a perfectly competitive firm under long run equilibrium.AC and MC represent the average cost and the marginal cost incurred by the firm.P₀ is the equilibrium price level while Q₀ is the equilibrium output.


-Refer to Figure .Suppose the cost of raw materials used in production increases.Which of the following changes will be observed?

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