The table illustrates the long-run average cost values for refrigerator producers in a perfectly competitive market. Use the table below to answer the questions.
Quantity Produced Long-Run Average Cost
A. 10,000 $1,200
B. 20,000 $900
C. 30,000 $700
D. 40,000 $700
E. 50,000 $800
F. 60,000 $1,000
What would be the minimum and maximum number of firms you would expect to be in the industry under the following conditions:
Minimum Maximum
Demand is 12 million units ______ Firms _______ Firms
Demand is 40,000 units _______Firms _______Firms