53 Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below) The price is $18. Price/Cost $60 r $50 $40 $30 $20 $10 MC ATC AVC A 0 10 20 30 40 50 60 Quantity Instructions: Enter your answers as a whole number. a. The firm output quantity at the equilibrium price is: b. The market output quantity at the equilibrium price is: units units. Save & Exit Submit
53 Suppose an industry consists of 150 firms with identical cost structures (represented by the "typical individual firm" in the figure below) The price is $18. Price/Cost $60 r $50 $40 $30 $20 $10 MC ATC AVC A 0 10 20 30 40 50 60 Quantity Instructions: Enter your answers as a whole number. a. The firm output quantity at the equilibrium price is: b. The market output quantity at the equilibrium price is: units units. Save & Exit Submit
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 7.15P
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