PLEASE ANWSER ALL
fill in the blank questions:
first: (M>MC / P=ATC / P>ATC / MR=MC)
second: (equal to / greater than / less than)
Please Anwser All Fill In The Blank Questions First M Mc P Atc P Atc Mr Mc Second Equal To Greater Than 1 (56.44 KiB) Viewed 10 times
Please Anwser All Fill In The Blank Questions First M Mc P Atc P Atc Mr Mc Second Equal To Greater Than 2 (8.6 KiB) Viewed 10 times
Consider a firm that produces baseball bats in a competitive price-searcher market. The following graph shows its demand curve, marginal revenue (MR) curve, marginal cost (MC) curve, and average total cost (ATC) curve. Place a black point (plus symbol) on the graph to indicate the long-run price-searcher equilibrium price and quantity for this firm. Next, place a grey point (star symbol) to indicate the minimum average total cost the firm faces and the quantity associated with that cost. PRICE (Dollars per bat) 100 90 80 70 60 30 20 10 0 0 MC 10 ATC MR 20 30 40 50 60 70 QUANTITY (Thousands of bats) 80 Demand 90 100 + Equilibrium Min. ATC
Because this market is a price-searcher market, you can tell that it is in long-run equilibrium by the fact that Furthermore, the quantity the firm produces in long-run equilibrium is the efficient scale. at the optimal quantity.
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