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Explain why the industry supply curve is not the long run

1. Why would a firm that incurs losses choose to produce rather than shut down?

2. Explain why the industry supply curve is not the long run industry marginal cost curve. 3. In long-run equilibrium, all firms in the industry earn zero economic profit. Why is this true?

3. What is the difference between economic profit and producer surplus?

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Microeconomics: Explain why the industry supply curve is not the long run

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Explain why the industry supply curve is not the long run

Reference No:- TGS0660308

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : A2490 kg block of ice at 0c is placed in a large lake the

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Q : Find the work done by an ideal engine which extracts 115000

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Explain why the industry supply curve is not the long run

Reference No:- TGS0660308

Recent Questions Asked Microeconomics

Q : A2490 kg block of ice at 0c is placed in a large lake the

Q : Where x is his consumption of cds with a price of 1 and y

Q : Find the work done by an ideal engine which extracts 115000

Q : The work from the engine goes into an ideal refrigerator

Q : Explain why the industry supply curve is not the long run

Q : Calculate the ph at the points in the titration of 4000 ml

Q : A long solenoid has 231 turns in a length of 13 cm radius

Q : When the reaction 2 h2s g 2h2 s2 is carried out at 1065

Q : At the beginning of the twentieth century there were many

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