6. Explain: The short-run rule for operating or shutting down is P AVC, operate; P ...

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6. Explain: “The short-run rule for operating or shutting down is P  AVC, operate; P  AVC, shut down. The long-run rule for continuing in business or exiting the industry is P ATC, continue; P  ATC, exit.” LO5

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Essentials Of Economics

ISBN: 9780077502140

3rd Edition

Authors: Stanley Brue, Campbell McConnell, Sean Flynn

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