11 This graph represents the cost and revenue curves of a firm in a perfectly competitive market. P3 P2 P1 Q1 Q2 Multiple Choice MC Q3 According to the graph shown, if a firm is producing at Q2, and it is identical to others in the market: profits are not being maximized. firms will enter this market. economic profits are zero. MR firms will leave this market ATC Q

11 This graph represents the cost and revenue curves of a firm in a perfectly competitive market. P3 P2 P1 Q1 Q2 Multiple Choice MC Q3 According to the graph shown, if a firm is producing at Q2, and it is identical to others in the market: profits are not being maximized. firms will enter this market. economic profits are zero. MR firms will leave this market ATC Q

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter26: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 5E

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