Price ($ per square foot) 80 70 60 50 40 30 20 10 0 MC ATC LRAC P=MR 200 400 600 800 1000 1200 1400 Suppose that the ind

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Price Per Square Foot 80 70 60 50 40 30 20 10 0 Mc Atc Lrac P Mr 200 400 600 800 1000 1200 1400 Suppose That The Ind 1 (48.95 KiB) Viewed 15 times

Price ($ per square foot) 80 70 60 50 40 30 20 10 0 MC ATC LRAC P=MR 200 400 600 800 1000 1200 1400 Suppose that the industry continues to operate under conditions of perfect competition and that the cost curves do not shift, in the long run this perfectly competitive firm will produce: 800 units because entry from new firms will push down the market price to $50 1000 units because this is where profits are maximized 800 units because the exiting of firms will push down the market price to $50 O 800 units because this is where the fixed costs are minimized