Asked by
Shaina Kaushal
on Oct 08, 2024
Verified
In the short run,a competitive firm will always choose to shut down if product price is less than the lowest attainable average total cost.
Average Total Cost
The total cost of production divided by the number of goods produced; a measurement of the cost of producing each unit.
- Absorb knowledge on the decisions businesses must make for short-term and long-term operations, especially concerning ceasing operations and leaving the industry.
Verified Answer
MK
Learning Objectives
- Absorb knowledge on the decisions businesses must make for short-term and long-term operations, especially concerning ceasing operations and leaving the industry.
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