Assume a firm is operating under conditions of pure competition and faces a marginal cost function that is everywhere below its average total cost. If the firm is producing where marginal revenue equals marginal cost will it be possible for it to make an economic profit? Explain.

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The Answer of Assume a firm is operating under conditions of pure competition and faces a marginal cost function that is everywhere below its average total cost. If the firm is producing where marginal revenue equals marginal cost will it be possible for it to make an economic profit? Explain.

Assume a Firm Is Operating Under Conditions of Pure Competition