Moose-nose pies are produced by a constant-cost industry where all firms are identical and each firm has
Question:
Moose-nose pies are produced by a constant-cost industry where all firms are identical and each firm has fixed costs of $15. The following chart shows the industry-wide demand curve and the marginal cost curve of a typical firm:
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Suppose the industry is in long-run equilibrium.
a. What is the price of moose-nose pies?
b. What is the number of firms in the industry?
c. On the industry-wide short-run supply curve, what quantity corresponds to a price of$10?
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Step by Step Answer:
a The price is 15 At this price each firm produces 3 ...View the full answer
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