Use the following to answer question:
Figure: The Monopolist
-(Figure: The Monopolist) Use Figure: The Monopolist.If this market became perfectly competitive,total market production in the long run would be _____ units and the market price would be _____.

Question

Use the following to answer question:
Figure: The Monopolist

-(Figure: The Monopolist) Use Figure: The Monopolist.If this market became perfectly competitive,total market production in the long run would be _____ units and the market price would be _____.

Quizplus · Accepted Answer

In a perfectly competitive market, firms produce where price equals marginal cost. In the long run, this occurs at the point where the market supply curve intersects the demand curve, which is at Q3 and P3.

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