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The licorice industry is competitive. Each firm produes 2 million strings of licorice per year. The strings have an average total cost of $0.20 each, and they sell for $0.30.

a. What is the marginal cost of a string?
b. Is this industry in long run equilibrium? Why or why not?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M940899

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