To maximise profit, a firm will produce the level of output where MR = MC.If a firm actually makes a profit depends on the relationship of price to average total cost.What are the three possible relationships between price and average total cost that determine if a firm will make a profit, experience a loss, or break even?
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The Answer of To maximise profit, a firm will produce the level of output where MR = MC.If a firm actually makes a profit depends on the relationship of price to average total cost.What are the three possible relationships between price and average total cost that determine if a firm will make a profit, experience a loss, or break even?
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To Maximise Profit, a Firm Will Produce the Level of Output