Give two reasons why the long-run industry supply curve may slope upward Use an example to demonstrate your reasons (3 marks)
5 At its current level of production, a profit-maximizing firm in a competitive market receives $1250 for each unit it produces and faces an average total cost of $9 At the market price of $1250 per unit, the firm’s marginal-cost curve crosses the marginal-revenue curve at an output level of 1200 units What is the firm’s current profit? What is likely to occur in this market, and why? (3 marks)
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