Accessible description: The figure indicates on the y-axis p…
Accessible description: The figure indicates on the y-axis price and costs in cents per unit and on the x-axis the quantity in pages per hour. Depicted are a marginal cost curve and average total cost curve, which are both u-shaped. Marginal cost curve decreases through points (16,2) and then increases through points (32,4.5,) and (48,4). Average total cost decreases through point (20,30) and then increases through point (48,4). f1q52g1.jpg Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy’s cost curves. The current market price is 4 cents per page. With no change in demand and technology, in the long run, the price will