Refer to Figure 9.6. Assume this firm is in a constant-cost industry. For this firm to be in long-run equilibrium, the firm must be producing

A) q₁ units of output.
B) q₂ units of output.
C) q₃ units of output.
D) an amount that is indeterminate from this information.

Constant-Cost Industry

An industry in which the input prices and production costs remain constant as the industry output changes.

Long-Run Equilibrium

A state in which all firms in an industry are producing at their minimum long-run average cost and are earning normal profits.

Units of Output

The measurable amount of goods or services produced by a company or industry.