The Following Graphs Depict a Perfectly Competitive Firm and Its

question 37

Multiple Choice

The following graphs depict a perfectly competitive firm and its market.
Assume that all firms in this industry have identical cost functions.
In the long run equilibrium in this market,

• A)price will equal $5,and there will be 20 firms in the industry.
• B)price will equal $5,and there will be 10 firms in the industry.
• C)price will equal $8,and there will be 20 firms in the industry.
• D)price will equal $5 and total output will equal 500 units,but there is not enough information to know how many firms there will be.

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