Determine what is the marginal cost of a string

Reference no: EM13234610

The Licorice industry is competitive. Each firm produces 2 million strings of licorice per year. The strings have an average total cost of .20 cents each and they sell for .30 cents.

What is the marginal cost of a string?

Is this industry in long-run equilibrium? Why or Why not?

Reference no: EM13234610

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