Assuming that the licorice industry is perfectly competitive: Each of the industry’s identical firms produces 2 million strings of licorice per year….
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Assuming that the licorice industry is perfectly competitive: Each of the industry’s identical firms produces 2 million strings of licorice per year. The strings have an average cost of $0.20 each, and they sell for $0.30 each.
My would be question:
What is the marginal cost of strings and also why is that and is this industry in long-run equilibrium? Why or why not?
Many thanks 🙂
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Do you need help with this or a different assignment? Even when your task is complicated and the deadline is in less than 2 days, you still have every chance to get a good grade for it. How? By completing the order form, you will get the finest custom-written assignment at an affordable price. We also deliver a number of services for free (e.g., revisions, editing, checking the text for authenticity). Use our paper writing service to receive effective help with your homework.
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