Business, 06.08.2019 05:20 jluckie080117

Suppose that the pen-making industry is perfectly competitive. also suppose that each current firm and any potential firms that might enter the industry all have identical cost curves, with minimum atc = $1.25 per pen. if the market equilibrium price of pens is currently $1.50, what would you expect it to be in the long run?
(a) $0.25
(b) $1.00
(c) $1.25
(d) $1.50

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Suppose that the pen-making industry is perfectly competitive. also suppose that each current firm a...