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Suppose your firm has a U-shaped average variable cost curve and operates in a perfectly competitive ...

Suppose your firm has a U-shaped average variable cost curve and operates in a perfectly competitive market. If you produce where the product price (marginal revenue) equals average variable cost (on the upward sloping portion of the AVC curve), then your output will:
A) exceed the profit-maximizing level of output.
B) be smaller than the profit-maximizing level of output.
C) equal the profit-maximizing level of output.
D) generate zero economic profits.

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Microeconomics

Edition: 8^th

Author: Pindyck

Read 192 times

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