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10 questions from this quiz
Produce where MR=MCMR = MCMR=MC
AR=MR=PAR = MR = PAR=MR=P
When price exceeds average cost
Break-even point where P=ACP = ACP=AC
Normal profits only
New firms enter, supply rises, price falls
Firms exit, supply falls, price rises
MC curve above the shut-down point
When AR<AVCAR < AVCAR<AVC
When it can cover variable costs
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