(Figure: Determining Profit) At price F, which of the following is NOT true for this firm in perfect competition? Price and Cost B ED HJ MC ATC AFC AVC Output The market is in long-run equilibrium. Marginal revenue is equal to marginal cost. Economic profits are $0. The firm will have to shut down soon if the market price does not increase.
(Figure: Determining Profit) At price F, which of the following is NOT true for this firm in perfect competition? Price and Cost B ED HJ MC ATC AFC AVC Output The market is in long-run equilibrium. Marginal revenue is equal to marginal cost. Economic profits are $0. The firm will have to shut down soon if the market price does not increase.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:(Figure: Determining Profit) At price F, which of the following is NOT true for this firm in perfect competition?
and Cost
Price
T
I
4
I
I
I
I
B
I
I
HJ
MC
ATC
AFC
AVC
Output
The market is in long-run equilibrium.
Marginal revenue is equal to marginal cost.
Economic profits are $0.
The firm will have to shut down soon if the market price does not increase.
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