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The graph below shows cost curves for a firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $7 (black line). This firm is earning

 

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The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $15.19 (black line). What will happen in this market in the long run?

 

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The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $10.28 (black line). What will happen in this market in the long run?

 

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The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $15.634693797842 (black line). What will happen in this market in the long run?

 

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The graph below shows cost curves for a typical firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $14 (black line). What will happen in this market in the long run?

 

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