Answer on Microeconomics Question for hassanshami
Costs (AVC) and two important revenue curves are Marginal Revenue (MR) and
Their role in determining
1) equilibrium price: the intersection of MR and MC
2) equilibrium quantity: the intersection of MR and MC
3) equilibrium point: the intersection of MR and MC, MR = D, MC = S
4) abnormal profit in monopoly: the point on the demand curve above the intersection of MR and MC.
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