To maximize profit, a firm in a competitive industry increases output until price is greater than the average cost.
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Q156: Figure: Increasing Costs Q157: The electricity industry is an example of: Q158: Because only greater quantities of oil can Q159: In an increasing cost industry,: Q160: Economists study decreasing cost industries in order Q162: Marginal revenue is always equal to the Q163: The short run is the period before Q164: Profit is defined as total revenue minus Q165: The short run is the period after Q166: The difference between the long run and
A)
A) costs rise
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