Consider the graph for Mickey's Fish Stand. Assume that other perfectly competitive fish stands have similar costs. At a price of $37, firms would ________in the short run. In the long run, we would expect ________.

1. 2.

a) incur a loss less than fixed costs a)new firms to enter the industry

b) earn a positive economic profit b)the size of the industry to remain the same

c) break even c) some existing forms to exit the industry

d) incur a loss equal to fixed costs

Consider the graph for Mickey's Fish Stand. Assume that other perfectly competitive fish stands have similar costs. At a price of $37, firms would [ Select ] in the short run. In the long run, we would expect [ Select ] [ Select ] incur a loss less than fixed costs earn a positive economic profit break even incur a loss equal to fixed costsConsider the graph for Mickey's Fish Stand. Assume that other perfectly competitive fish stands have similar costs. At a price of $37, firms would [ Select ] in the short run. In the long run, we would expect [ Select ] [ Select ] new firms to enter the industry the size of the industry to remain the same some existing firms to exit the industryMickey's Fish Stand is a perfectly competitive rm selling tilapia. Use the rm's cost curves shown below to answer Questions 38. Price and Cost (33 51.9 '3 1o 20 30 4o 50 60 Quantity Cost curves for Mickey's Fish Stand (text description '41)