The following graph shows marginal cost, average total cost, and average variabl

Question

The following graph shows marginal cost, average total cost, and average variable cost curves for a typical perfectly competitive firm. Draw the marginal revenue curve to indicate this firm is in a long-run equilibrium. Then label the profit-maximizing level of output Instructions: Use the tool 'MR' to draw the marginal revenue curve between Q = 0 and Q = 10. Then use the tool 'Q' to indicate the profit-maximizing level of output. In long-run equilibrium, this firm is earning economic profit equal.

Explanation / Answer

0 as in long run terfectly competitive firm earns zero economic profit.

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