Suppose that a firm in a perfectly competitive industry finds that at its current output rate, marginal

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Suppose that a firm in a perfectly competitive industry finds that at its current output rate, marginal revenue exceeds the minimum average total cost of producing any feasible rate of output Furthermore, the firm is producing an output rate at which marginal cost is less than the average total cost at that rate of output. Is the firm maximizing its economic profits? Why or why not?
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Economics Today

ISBN: 978-0132554619

16th edition

Authors: Roger LeRoy Miller

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