Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _____ quantity equals _ and profits total _____?

Question

Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _____ quantity equals _ and profits total _____?

Answer 1

A. $100, 2 million barrels per day $60 million
B. $80, 4 million barrels per day $70 million
C. $60, 6 million barrels per day, $20 million
D. $40, 8 million barrels per day, $0 million

Correct Answer: $40, 8 million barrels per day, $0 million ✔

Last Updated: June 18, 2019

Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _________ quantity equals _________ and profits total _________?

Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals _____ quantity equals _ and profits total _____?