Using the model of perfect competition, explain what it means to say, Too much electricity is generated,
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Using the model of perfect competition, explain what it means to say, ‘‘Too much electricity is generated,’’ or ‘‘Too little education is produced.’’ Would the firm be producing at the bottom of the ATC curve if too much or too little was being produced?
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In the model of perfect competition the concepts of too much or too little production are relative to the equilibrium point where market supply and de...View the full answer
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Ali Khawaja
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