Determine marginal and average cost curves take a u shape, Cost Accounting

1) A) In a competitive market place (pure competition) is it possible to continually sell your product at a price above the average cost of production?  Why or why not?

B) Why do marginal and average cost curves take a "U" shape?

2) Define "Monopoly".  Is it true that a monopolist will maximize profit where Marginal Revenue equals the Average Cost of Production?  Why or why not?  

Posted Date: 3/28/2013 3:09:16 AM | Location : United States







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