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Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
Edition 12ISBN: 978-1133189022 Exercise 1
In long-run equilibrium in a perfectly competitive market, each firm operates at minimum average cost. Do firms also operate at minimum long-run average cost when such markets are out of equilibrium in the short run? Wouldn't firms make more in short-run profits if they opted always to produce that output level for which average costs were as small as possible?
Explanation
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In the long run firms will earn only nor...
Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder
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