ECO701 Economics and the Business Environment Coursework Answer


Question 1 The figure is as follows:- Figure 1 show that a firm's marginal cost and average total cost are the same as its market price in the long run when people can come and go as they please. So that it can make the most money possible, the company decides how much to sell so that the price equals the extra cost. The cost of a good will fall to its lowest point on the average-total-cost curve when more people enter or leave the market. T…

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