Explain equilibrium of the firm under perfectly competitive market by choosing output level at which P=MC=MR and Firm is making zero economic profit  P=MC=MR and Firm is making a loss  Explain shut down rule with the help of graph

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Perefect Competition
Section: Chapter Questions
Problem 9SQP
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  • Explain equilibrium of the firm under perfectly competitive market by choosing output level at which
  1. P=MC=MR and Firm is making zero economic profit 
  2. P=MC=MR and Firm is making a loss 
  3. Explain shut down rule with the help of graph 
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