Question
Explain under each of the situation, a firm working under a perfectly competitive market would keep on producing or shut down. Show using diagram and
Explain under each of the situation, a firm working under a perfectly competitive market would keep on producing or shut down. Show using diagram and also explain the condition thoroughly.
a.P=7; ATC=15; AVC=10 and Q=40
b.P=12; ATC=10; AVC=8 and Q=20
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Macroeconomics
Authors: Stephen d. Williamson
5th Canadian edition
133847144, 9780134604794 , 978-0133847147
