26 Jul HOW WILL THE NUMBER OF FIRMS IN THE MARKET CHANGE IN THE LONG RUN?
identical producers Show more Figure 1 shows the shortrun cost curves of a toy producer. The market has 1000 identical producers and Table 1 shows the market demand schedule for toys. 5. At a market price of $21 a toy what quantity does the firm produce in the short run and does the firm make a positive economic profit a zero eco nomic profit or an economic loss? 6. At a market price of $12 a toy how many toys does the firm produce and what is its economic profit in the short run? How will the number of firms in the market change in the long run? 7. At what market prices would the firm shut down temporarily? What is the market price of a toy in longrun equilibrium? How many firms will be in the toy market in the long run? Explain your answer. Bade Robin; Parkin Michael (2014-02-26). Foundations of Microeconomics (7th Edition) (Page 397). Prentice Hall. Kindle Edition. Show less
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