In order to maximize profits in the short run, a firm should produce where Suppo

Question

In order to maximize profits in the short run, a firm should produce where Suppose a firm operates in the short run at a price above its average total cost of production. run the firm should expect In the short run. a firm operating in a competitive industry will shut down if price is Suppose a profit-maximizing firm in a competitive market produces rubber bands. When the price for rubber bands rises above the minimum of its average variable cost, but still lies minimum of average total cost, in the short run the firm will In the long run, a firm will exit a competitive industry if Which of the following is not a characteristic of a monopoly? Which of the following is an example of a barrier to entry?

Explanation / Answer

marginal cost equals marginal revenue new firms enter to the market greater than average variable cost and but less than average total cost shut down average variable cost exceeds the price one buyer dick obtains a copyright for the new computer game that he invented

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