22. Once more referring to the data given in the table above, if production
costs at Gross Generalizations are exactly the same as at every
other firm in the industry and the price is $32, you expect in
the long run:
- Firms will enter the industry and price will fall.
- Firms will leave the industry and price will rise.
- Firms will leave the industry and price will fall.
- Firms will neither enter or leave the industry.
- Firms will enter the industry and price will rise.
|
Gross Generalizations |
Output |
Total Cost |
0 |
25.00 |
1 |
35.00 |
2 |
50.00 |
3 |
70.00 |
4 |
95.00 |
5 |
125.00 |
6 |
160.00 |
7 |
200.00 |
|