i need Q12 solution Question 8Table 5-1 below shows the price and cost information for a firm that operates in a perfectly competitive market.Price and cost data for a firm in a perfectly competitive marketPrice QuantityTotalCostMarginal CostTotal RevenueProfit$8 0 $6n/a0$81$10$82 $1516$83 $21$84 $29$85 $38$8 6 $486923 Question 12Refer your answers to Questions 8-Please describe how the MARKET supply and/or demand curves will change in the long run.Market supply will [Select]Market demand will [Select]How will MARKET equilibrium price and quantity will change? [Select]

We have given that the market price is 8. At this market price, the firm produces 4 unit of output…

Refer your answers to Questions 8- Please describe how the MARKET supply and/or demand curves will change in the long run. Market supply will [Select] Market demand will [Select] How will MARKET equilibrium price and quantity will change? [Select]

Refer your answers to Questions 8- Please describe how the MARKET supply and/or demand curves will change in the long run. Market supply will [Select] Market demand will [Select] How will MARKET equilibrium price and quantity will change? [Select]

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 4CQQ

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Question 12
Refer your answers to Questions 8-
Please describe how the MARKET supply and/or demand curves will change in the long run.
Market supply will [Select]
Market demand will [Select]
How will MARKET equilibrium price and quantity will change? [Select]

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