Question: Homework ( Ch 1 4 ) 7 . Short - run supply and long - run equilibrium Consider the competitive market for rhenium. Assume that

Homework

(

14)

7 .

Short

-

run supply and long

-

run equilibrium

Consider the competitive market for rhenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost

(

),

average total cost

(

ATC

),

and average variable cost

(

AVC

)

curves plotted in the following graph.

Homework ( Ch 1 4 ) 7 . Short - run supply and

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