At the point at which P=MC, suppose that a perfectly competitive firm's MC = $100, its AVC = $80 and its AC = $110. This firm should

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23-07-2020
Business

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At the point at which P=MC, suppose that a perfectly competitive firm's MC = $100, its AVC = $80 and its AC = $110. This firm should

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topeadeniran2 topeadeniran2 · Answer 1 · 2020-07-28T03:32:46+02:00

Answer: continue operating in the short run.

Explanation:

In the short run, at least one of the input that is used in the production of a good or service is fixed while the other inputs are variable.

A firm will continue to operate in the short run in a situation whereby the price is more than the average variable cost.

Since we've been told that P=MC, abd that the perfectly competitive firm's MC = $100, AVC = $80 and AC = $110, the firm should continue operating in the short run because the price ($100) is more than the AVC($80).