Refer to the information provided in Figure 9.6 below to answer the question(s) that follow. Figure 9.6 -Refer to Figure 9.6. Assume this firm is in a constant-cost industry. For this firm to be in long-run equilibrium, the firm must be producing A) q₁ units of output. B) q₂ units of output. C) q₃ units of output. D) an amount that is indeterminate from this information.

Question

Quizplus · Accepted Answer

In a constant-cost industry, a firm is in long-run equilibrium when it produces at the minimum point of its long-run average cost curve, which is typically represented by q₃ in diagrams.

Refer to the Information Provided in Figure 9