For each of the following cases,a)through d),you are given certain cost and price information for a competitive firm at its present output level.Assuming the short run and that marginal costs are increasing in all cases,indicate whether each firm should:
i)produce more
ii)produce less
iii)shut down
iv)cannot be determined from this information
a)minimum AVC exceeds price
b)TFC less than TR
c)MC exceeds price and price exceeds AVC
d)TC exceeds TR

Question

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The Answer of For each of the following cases,a)through d),you are given certain cost and price information for a competitive firm at its present output level.Assuming the short run and that marginal costs are increasing in all cases,indicate whether each firm should:
i)produce more
ii)produce less
iii)shut down
iv)cannot be determined from this information
a)minimum AVC exceeds price
b)TFC less than TR
c)MC exceeds price and price exceeds AVC
d)TC exceeds TR

For Each of the Following Cases,a)through D),you Are Given Certain