Revenue and cost (dollars per unit) 50 40 MC........... ATC AVC 30 20 20 10 0 10 20 30 40 50 Output (units per day) The above figure shows a perfectly competitive firm. If the market price is $15 per unit, the firm will definitely shut down to minimize its losses. ○ will stay open to produce and will make an economic profit. O will stay open to produce and will make zero economic profit. O will stay open to produce and will incur an economic loss.

Revenue and cost (dollars per unit) 50 40 MC........... ATC AVC 30 20 20 10 0 10 20 30 40 50 Output (units per day) The above figure shows a perfectly competitive firm. If the market price is $15 per unit, the firm will definitely shut down to minimize its losses. ○ will stay open to produce and will make an economic profit. O will stay open to produce and will make zero economic profit. O will stay open to produce and will incur an economic loss.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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