Pure Competition and Relationship to Cost
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A firm in pure competition would shut down when:
price is less than average total cost
price is less than average fixed cost
price is less than marginal cost
price is less than average variable cost
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This solution gives you strong points concerning pure competition.
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A firm in pure competition would shut down when:
price is less than average total cost
price is less than average fixed cost
price is less than ...
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- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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