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QUESTION
The licorice industry is competitive. Each firm produces 2 million strings of licorice per year. The strings have an average total cost of $0.20...
The licorice industry is competitive. Each firm produces 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?
