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3. When a profit-maximising firm is at its short run optimum, [1] the average cost of the product is at its lowest possible point, whether

3. When a profit-maximising firm is at its short run optimum,

[1] the average cost of the product is at its lowest possible point, whether a profit is being made or not.

[2] the firm will be shut down if its price is less than the average fixed cost.

[3] the profit per unit of output will be at its maximum possible level.

[4] none of the above will be true.

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