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ECON-1010-D1/D2-Introduction to Microeconomics
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In a perfectly competitive industry, the market price is $5. An individual firm is producing the level of output where marginal cost is $5 and is decreasing, and average total cost is $25. What should the firm do to maximize its short-run profits?
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Use the figure below to answer the following question.
Figure 11.3.2
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When price is greater than marginal cost for a firm in a competitive market, what should the firm do to maximize profit?
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A perfectly competitive firm's demand curve
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Use the table below to answer the following questions.
Table 11.1.1
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Are the decisions to shut down and exit a market short-run or long-run decisions?
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Use the table below to answer the following questions.
Table 11.2.1
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In a perfectly competitive market, the market price is $8. An individual firm is producing the output at which MC = $8. AVC at that output is $10. What should the firm do to maximize its economic profit in the short run?
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For a given market price, a competitive firm's average-revenue curve
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The figure represents the short-run production decision of a perfectly competitive firm. Firms are making an economic
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