The figure given below shows revenue and cost curves of a monopolistically competitive firm. Figure: 12.1 MC ATC AVC Demand MR HIJK Quartty In the figure, MR: Marginal revenue curve ATC: Average total cost curve AVC: Average variable cost curve MC: Marginal cost curve +18. According to Figure 12.1, the firm: a. will shut down temporarily at any price below A. b. will operate at a price below A, as long as it is greater than marginal cost. c. will shut down at a price below A only in the long run. d. will break-even at the price level C. e. will shut down if the price falls below E.

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.