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The following shows the cost schedules of a competitive firm in a constant-cost industry and the prevailing price in the shor The following shows the cost schedules of a competitive firm in a constant

The following shows the cost schedules of a competitive firm in a constant-cost industry and the prevailing price in the shor The following shows the cost schedules of a competitive firm in a constant-cost industry and the prevailing price in the short run. Price / Cost MC P E - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Units of output We expect, in the long run, (1) the marginal cost curve to shift down. (II) the average cost curve to shift up. (III) the prevailing price to decrease. (IV) the production of individual firm to increase.

Feb 06 2020 View more View Less

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