Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Cost Output 6 $ 12.00 $ 10.00 6 $ 61 11.00 8.85 7 7 62 10.00 8.00 8 8 64 9.00 7.00 9 9 67 8.00 6.10 10 10 72 7.00 5.00 11 11 79 6.00 4.15 12 12 86 With the demand schedule shown by columns (2) and (3), in long-run equilibrium Multiple Choice price will equal marginal revenue. marginal cost will exceed price. price will equal average total cost.

Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Cost Output 6 $ 12.00 $ 10.00 6 $ 61 11.00 8.85 7 7 62 10.00 8.00 8 8 64 9.00 7.00 9 9 67 8.00 6.10 10 10 72 7.00 5.00 11 11 79 6.00 4.15 12 12 86 With the demand schedule shown by columns (2) and (3), in long-run equilibrium Multiple Choice price will equal marginal revenue. marginal cost will exceed price. price will equal average total cost.

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter11: Price-searcher Markets With High Entry Barriers

Section: Chapter Questions

Problem 14CQ

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