| this firm is making a normal profit. | ||
| other picture frame companies will want to exit the market. | ||
| there are no other picture frame companies in the area. | ||
| economic profits are $1,500. | ||
| total profits are being maximized. |
Wednesday, 25 June 2014
A picture frame company operates in a monopolistically competitive market.
A picture frame company operates in a monopolistically competitive
market. Its short-run equilibrium price is $80 and its ATC is $65. It
sells 100 picture frames a week. From this we can tell:
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