Graph a situation where the typical catfish farmer is incurring a loss at the prevailing market price
Question:
(a) What is MC equal to at the best possible rate of output?
(b) Is ATC above or below P1?
(c) Which of the following would raise the market price?
A. A reduction in the firm's output
B. Firm's input costs increase
C. Exits from the industry
D. An improvement in technology
(d) What price would prevail in long-run equilibrium?
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a 4 b Above c Exits from the industry d 5 Explanation a A competitive firm maximizes total profits a...View the full answer
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