Firm can decide its _____, but not _____
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1- How does the price faced by a profit-maximizing competitive firm compare to its marginal cost? Explain.
2- When does a profit-maximizing competitive firm decide to shut down?
3- When does a profit-maximizing competitive firm decide to exit a market?
On what basis does a firm decide whether or not to shut down? On what basis does it decide whether or not to go out of business?