If the firm is producing a quantity of output for which MC > MR, then the firm should increase production to increase its profits.
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Q1: Profit helps to indicate where resources are
Q3: In long-run competitive equilibrium, no firm has
Q4: A perfectly competitive firm should shut down
Q5: A perfectly competitive firm is a price
Q6: When a firm produces the quantity of
Q7: In order for a firm to earn
Q8: The horizontal demand curve faced by the
Q9: When the government imposes taxes on firms
Q10: Real-world markets that approximate the four assumptions
Q11: A decreasing-cost industry has a long-run supply
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