4509EconomicsMedium
Assume That the firms operate as purely competitive sellers (a purely competitive industry) In the long run, equilibrium price equals ________ quantity equals ________ and profits total ________?
A$40, 8 million barrels per day, $0 million
B$100, 2 million barrels per day $60 million
C$80, 4 million barrels per day $70 million
D$60, 6 million barrels per day, $20 million
Correct answer
A. $40, 8 million barrels per day, $0 million
Explanation
The correct answer is $40, 8 million barrels per day, $0 million.