Business, 03.05.2021 18:50 Jackson4568
Suppose, at a given point in time, Sally's Smoothie Shack operates in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average fixed cost of producing a smoothie is $1.30, average variable cost is $2.50, and marginal cost is $3.60. At this moment Sally is earning economic profits. Over time, everything else held constant, the number of firms selling smoothies will .
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Suppose, at a given point in time, Sally's Smoothie Shack operates in a perfectly competitive market...
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