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Title: Which of the following statements best reflects the situation faced by the firm when price falls from P4 to P2?

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Q:

Which of the following statements best reflects the situation faced by the firm when price falls from P4 to P2?

           a.   Average total cost is lower than at the previous level of output so it increases production.

           b.   The firm will earn profit equal to (P4 – P2) ´ Q2.

           c.    Marginal revenue is lower than marginal cost at the previous level of output, so it decreases production.

           d.   Marginal revenue is higher than marginal cost at the previous level of output, so it increases production.


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Title: Which of the following statements best reflects the situation faced by the firm when price falls from P4 to P2?

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    • Posted Date: Apr 28, 2012 at 9:13:36 PM

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A:
...sp;        a.   Average total cost is lower than at the previous level...
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