How did this impact competition in many markets

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Q. A firm's economic profit is equal to its total revenue (TR) minus its total cost (TC). Restate economic profit equation using quantity (Q), Profit= Quantity (Price- Average cost) price (P) and average cost (AC). If P falls below AC, what is result for firm? Firm loses money 16. In late-19th century, both firms and markets expanded. How did this impact competition in many markets?

Reference no: EM1372161

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