The graph below shows cost curves for a typical firm operating in a perfectly competitive market.
Suppose that the equilibrium price is $12 (black line). What will this firm do in the short run?
The graph below shows cost curves for a typical firm operating in a perfectly competitive market.
Suppose that the equilibrium price is $12 (black line). What will this firm do in the short run?
The graph below shows cost curves for a typical firm operating in a perfectly competative market.
Suppose that the equilibrium price is $13 (black line). What will this firm do in the short run?
The graph below shows cost curves for a typical firm operating in a perfectly competitive market.
Suppose that the equilibrium price is $11 (black line). What will this firm do in the short run?