Question: Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Output Total Cost $50 $35 2 2 $45 45 30 3 3 55 40
Demand Data Cost Data (1) Price (2) Price (3) Quantity Total Output Total Cost $50 $35 2 2 $45 45 30 3 3 55 40 25 4 4 70 35 20 5 5 90 30 15 6 6 115 25 10 7 7 145 20 5 8 8 180
Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will decrease to
- $25.
- $35.
- zero.
- $70.
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