Microeconomics
Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 9.1, Problem 3ST
To determine

Explain why a perfectly competitive firm cannot charge price above the equilibrium price.

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In the long-run equilibrium of a competitive market with identical firms, what are the relationships among price (P), marginal cost (MC), and average total cost (ATC)?
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Evaluate the following statements. If a statement is true, explain why. If it is false, identify the mistake and correct the error. Assume the market is perfectly competitive.   A profit-maximizing firm should select the output level at which the difference between the market price and marginal cost is greatest.                 An increase in fixed cost lowers the profit-maximizing quantity of output produced in the short run.
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