01 May Question: Oncept: Long-Run Equilibrium 3 Ques representative firm in a perfectly competitive market. Assume…
oncept: Long-Run Equilibrium 3 Ques representative firm in a perfectly competitive market. Assume all firms in the industry have the same cost structure. (Click the icon to view the average cost curve) Suppose the figure to the right illustrates the market, with a market supply curve 64 (S) and a market demand curve (D) How will this industry adjust to its long-run equilibrium? 1.) Using the line drawing tool, draw the market supply curve in long-run 48.00 equilibrium. Label this line “S2.” a 24.00 16 2.) Using the line drawing tool, graph the industry’s long-run supply curve assuming a constant cost industry. Label this line “SLR.” 0 Carefully follow the instructions above, and only draw the required objects 0 100 200 300 400 500 600 700 800 900 1000
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