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The above graph represents the cost and demand constraints of a perfectly competitive firm in the short-run SR

The above graph represents the cost and demand constraints of a perfectly competitive firm in the short-run (SR). Use it to answer the following questions.

1a. If the demand curve facing the firm is d2, the price will be …….. and output will be

1b. If the demand curve facing the firm is d2, profits earned by the firm will be

1c. If the demand curve facing the firm is d2, total variable costs will be

1d. If the demand curve facing the firm is d2, total costs will be

1e. If the demand curve facing the firm is d2, total fixed costs will be

1f. If the price falls below …………. , the firm will shut down

ATC MC 25 AVC d2 5 0 20 40 60 80 100 120 140 160 180 Output 20 15 10 Price and Cost (S)

Feb 06 2020 View more View Less

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