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

Assignment Help:

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?

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