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Why the marginal cost curve intersects the average

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Reference no: EM131951320

In class we looked at (short run) cost curves.

a. Explain why the marginal cost curve intersects the average total and variable cost curves at their respective minimum values:

b. At what point on the ATC will a perfectly competitive firm always produce in the long run

c. The supply curve for a perfectly competitive firm is the same as one of the cost curves based on a specific criterion. State both the curve and the criterion:

Reference no: EM131951320

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