Posted: May 22nd, 2022
1. What is the shape of the average fixed cost curve and Why?
2. What are the shapes of the average variable cost curve and the average total cost curves?
3. Why is a firm in perfect competition a price taker?
4. What is the lowest price at which a firm produces an output? Explain why?
5. How does a single-price monopoly determine the price it will charge its customers?
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