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1. What are the main rules in making decisions concerning costs? 2. 15. Analyzing the following graph, if demand falls, what is likely to happen

1. What are the main rules in making decisions concerning costs?

15. Analyzing the following graph, if demand falls, what is likely to happen to a monopolist's price, output, and economic profit? Can you make a graph to show what happens if demand falls? P Pf Economic Profit Qf MC MR ATC D=AR=P

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