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When market price is P7 a profitWhen market price is P7, a profit-maximizing firm's short-run profits can be represented by the area. (P7 - P5) Q3.
What does a firm that shuts down temporarily have to pay?c. One important difference is that, when a firm shuts down temporarily, it still must pay fixed costs. 3. If a firm shuts down, it will earn no revenue and will have only fixed costs (no variable costs).
When new firms enter a perfectly competitive market the short run market supply curve shifts right?As new firms enter, the supply curve shifts to the right, price falls, and profits fall. Firms continue to enter the industry until economic profits fall to zero. If firms in an industry are experiencing economic losses, some will leave.
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Refer to figure 14-7. the firm will shut down in the short run if the price of the good is
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