The cost and revenue curves for a perfectly competitive industry are shown in this graph:
What best describes how a firm would respond in the short-run?
Choose 1 answer:
(A) Exit the industry
(B) Shut down
(c) Increase output to decrease average total cost
(D) Charge a higher price
(E) Increase output to increase revenue
Not the question you are looking for? Ask here!
Enter question by text
Enter question by image
Upgrade to Asksia Pro
Join a AskSia's Pro Plan, and get 24/7 AI tutoring for your reviews, assignments, quizzes and exam preps.