24. New firms will exit a perfectly competitive market when: Average variable costs are less than average total costs b. Price is greater than average variable costs O Marginal revenue is greater than average total costs in the short run d. Price is less than average variable costs
24. New firms will exit a perfectly competitive market when: Average variable costs are less than average total costs b. Price is greater than average variable costs O Marginal revenue is greater than average total costs in the short run d. Price is less than average variable costs
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 3CQQ
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![24. New firms will exit a perfectly competitive market when:
Average variable costs are less than average total costs
b. Price is greater than average variable costs
O Marginal revenue is greater than average total costs in the short run
d. Price is less than average variable costs](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbf5140ed-f4bb-43a8-8555-ced5de1e35f7%2Fa6cbf4e5-bb57-4aec-8a0c-9602ead01223%2Fzfsbn05.png&w=3840&q=75)
Transcribed Image Text:24. New firms will exit a perfectly competitive market when:
Average variable costs are less than average total costs
b. Price is greater than average variable costs
O Marginal revenue is greater than average total costs in the short run
d. Price is less than average variable costs
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