long run in the market (In other words, will other firms join the market or exit the market? 2) If ATC is above the MR=P=AR=D line is there a profit or a loss? What will happen in the long run in the market (In other words, will other firms join the market or exit the market? 3) What rule do economists follow to determine the quantity that should be produced in order to maximize profit? 4) If AVC and ATC are both above the MR=P=AR=D line what will happen in the short-run and the long-run? (Explained at the end of the video). 5) If the profit maximizing quantity is 50, the average revenue (AR) is $6 and the average total cost (ATC) is $5, what is the profit? (Reminder: profit = total revenue - total cost)

long run in the market (In other words, will other firms join the market or exit the market? 2) If ATC is above the MR=P=AR=D line is there a profit or a loss? What will happen in the long run in the market (In other words, will other firms join the market or exit the market? 3) What rule do economists follow to determine the quantity that should be produced in order to maximize profit? 4) If AVC and ATC are both above the MR=P=AR=D line what will happen in the short-run and the long-run? (Explained at the end of the video). 5) If the profit maximizing quantity is 50, the average revenue (AR) is $6 and the average total cost (ATC) is $5, what is the profit? (Reminder: profit = total revenue - total cost)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter22: Perfect Competition

Section22.1: The Theory Of Perfect Competition

Problem 4ST

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