Multiple Choice
A perfectly competitive firm in a constant-cost industry produces 3,000 units of a good at a total cost of $36,000.The prevailing market price is $15.What will happen to the number of firms in the industry and to the industry's output in the long run?
A) The number of firms and the industry's output increase.
B) The number of firms and the industry's output decrease.
C) The number of firms remains constant and the industry's output increases.
D) The number of firms remains constant and the industry's output decreases.
Correct Answer:
Verified
Correct Answer:
Verified
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