Profits are always equal to zero when (Slide: Short-Run Profitability) A. price is equal to the minimum average variable cost B. price is equal to the minimum average total cost
Profits are always equal to zero when (Slide: Short-Run Profitability) A. price is equal to the minimum average variable cost B. price is equal to the minimum average total cost
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter8: An Introduction To Perfect Competition
Section: Chapter Questions
Problem 4QFR
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![Profits are always equal to zero when
(Slide: Short-Run Profitability)
A.
price is equal to the minimum average variable cost
B.
price is equal to the minimum average total cost
C.
price is equal to the minimum marginal cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff810aceb-0971-4784-9c88-b3a8b0f5bcf3%2Fc5a40c1b-9155-4977-ab71-1b947e7f760f%2F5lhaqqq_processed.png&w=3840&q=75)
Transcribed Image Text:Profits are always equal to zero when
(Slide: Short-Run Profitability)
A.
price is equal to the minimum average variable cost
B.
price is equal to the minimum average total cost
C.
price is equal to the minimum marginal cost
![Introduction Competitive Market Short-Run Market Supply
0000
00000
000
000
Short-Run Profitability
Ohigh price
По
PHA
атени
Рыбово → фреп
P4=MR=MC
Long-Run Market Supply
100
π₁ = (P-ATC) * Q
-мс
-АТС
атсутко
-AVC
PL
Ро
Changes
2 low price
Open
месме
Next Class
0
не
AVC
नगर](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff810aceb-0971-4784-9c88-b3a8b0f5bcf3%2Fc5a40c1b-9155-4977-ab71-1b947e7f760f%2F3ebnbed_processed.png&w=3840&q=75)
Transcribed Image Text:Introduction Competitive Market Short-Run Market Supply
0000
00000
000
000
Short-Run Profitability
Ohigh price
По
PHA
атени
Рыбово → фреп
P4=MR=MC
Long-Run Market Supply
100
π₁ = (P-ATC) * Q
-мс
-АТС
атсутко
-AVC
PL
Ро
Changes
2 low price
Open
месме
Next Class
0
не
AVC
नगर
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