Explain the long-run competitive equilibrium condition

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Question I

Prompt: Read "You're The Economist: Recession Takes a Bite Out of Gator Profits" in Chapter 8. Assuming gator farming is perfectly competitive, explain the long-run competitive equilibrium condition for the typical gator farmer and the industry as a whole.

Question II

Prompt: Read "You're The Economist: The Standard Oil Monopoly" in Chapter 9. If Standard Oil was a natural monopoly, what would happen to the average cost of producing gasoline after the company was split up? Explain using an LRAC curve.

Reference no: EM133485757

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