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1-If marginal cost is below average total cost, average total cost will
-be maximized.
-decrease.
-increase.
-remain constant.
2-A firm's marginal cost curve above its AVC is also its short-run supply curve.
- True
- False
3- A firm ________ if it earns zero economic profit.
-earns a negative rate of return.
-will leave the industry.
-earns a positive but below normal rate of return.
Consider a N firm homogenous good oligopoly with constant marginal cost, which is the same for all firms. Assume that the N firms form a collusive agreement to produce monopoly output levels as long as no cheating is observed.
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