Answered: assume your price is equal to marginal…

assume your price is equal to marginal cost and marginal cost slopes upwards. in the short run, a firms profit max can only lie on the downward sloping part of its marginal cost curve. true or false

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter9: Perfect Competition

Section: Chapter Questions

Problem 1QP

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Question

assume your price is equal to marginal cost and marginal cost slopes upwards. in the short run, a firms profit max can only lie on the downward sloping part of its marginal cost curve.

true or false

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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