Firm is said to have excess capacity when

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A firm is said to have excess capacity when: 1. It produces a level of output such that marginal revenue equals price 2. it produces a level of output such that marginal revenue is greater than marginal cost. 3. it produces a level of output larger than that which minimizes average total cost. 4. it produces a level of output that minimizes average cost. 5. None of the above

Reference no: EM131193848

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