Question 4 Figure 21.1 Price or Cost (dollars/bushel) MC ATC 4.90 f AVC 3.90 de. 3.10...

Question

Question

Answer 1

Answer #1

Answer is a) $3.90

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For perfect competition long run price is when marginal cost is equal to the average total cost. That appears at point e i.e. $3.90.

Answer 2

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