Business, 15.08.2020 06:01 hannacarroll3670

Suppose that the firms in the perfectly competitive oat industry are currently receiving a price of $2 per bushel for their product and there are constant returns to scale. The minimum possible average total cost of producing oats in the long run is $1 per bushel. Other things being equal, it follows that:

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Suppose that the firms in the perfectly competitive oat industry are currently receiving a price of...