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Suppose that at 500 units of output, the marginal revenue is equal to marginal cost. The firm is selling its output at $10 per unit and average total cost at 500 units of output is $6. On the basis of this information, we:
1 can say that the firm should close down in the short run.
2 can assume the firm is not using the most efficient technology.
3 can say that the firm can produce and realize an economic profit in the short run.
4 cannot determine whether the firm should produce or shut down in the short run.
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