Chapter 21 - Profit Maximization

1		Total revenue divided by output = .
2		As output rises, AFC .
3		The lowest price the firm will accept in the short run is at the lowest point of the .
4		When MC = MR, if price is $100, ATC is $110, and AVC is $90, in the short run the firm will and in the long run the firm will go .
5		The lowest point on a firm's long-run supply curve is the point.