Consider the Following Cost Curves for Firm X,a Perfectly Competitive

question 143

Multiple Choice

Consider the following cost curves for Firm X,a perfectly competitive firm. FIGURE 9-5
-Refer to Figure 9-5.If Firm X has a capital stock that generates SRATC₁,then in the long run Firm X will have to

• A)either expand its plant size or exit from the industry.
• B)set its output at Q₁ with the existing plant size.
• C)expand its output to Q₂ with the existing plant size.
• D)set its output at Q₁ with an expanded plant size.
• E)maintain its output level at Q₁,because it is maximizing its short-run profits.

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