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Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn
Edition 18ISBN: 9780073365954Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn
Edition 18ISBN: 9780073365954 Exercise 3
At P₄ :
a. this firm has no economic profit.
b. this firm will earn only a normal profit and thus will shut down.
c. MR4 will be less than MC at the profit-maximizing output.
d. the profit-maximizing output will be Q 5.
a. this firm has no economic profit.
b. this firm will earn only a normal profit and thus will shut down.
c. MR4 will be less than MC at the profit-maximizing output.
d. the profit-maximizing output will be Q 5.
Explanation
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Marginal revenue is the additional reven...
Microeconomics 18th Edition by Campbell McConnell, Stanley Brue, Sean Flynn
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