Business, 18.06.2021 02:30 maribel234

Assume the licorice industry is perfectly competitive. Each firm produces 2 million strings per year. The strings have an average total cost of $0.20, and sell for $0.30. a. What is the marginal cost of a string? b. Is the industry in long-run equilibrium? Why or why not? Explain.

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Assume the licorice industry is perfectly competitive. Each firm produces 2 million strings per year...

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