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Assume the following for a certain industry:
(1) there is no incentive for firms to enter or exit the industry;
(2) for some firms in the industry, short-run average total cost is greater than long-run average total cost at the level of output where marginal revenue equals marginal cost;
(3) all firms in the industry are currently producing the quantity of output at which marginal revenue equals marginal cost. Is the industry in long-run competitive equilibrium?

a) No, because of numbers 2 and 3 .
b) No, because of numbers 1 and 2 .
c) No, because of number 2 .
d) Yes.

Sagot :

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