Below,the Graph on the Left Shows Long-Run Average and Marginal

question 56

Multiple Choice

Below,the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry.The graph on the right shows demand and long-run supply for an increasing-cost industry. If this were an increasing cost industry,what would be the price when the industry gets to long-run competitive equilibrium?

• A)between $35 and $15
• B)$35
• C)$15
• D)below $15
• E)above $35

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