Posted: May 22nd, 2022

What is the shape of the average fixed cost curve and why?

1.     What is the shape of the average fixed cost curve and Why?

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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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