Question: a) What should a firm do if it realizes that its marginal revenue is more than its marginal cost? (8 points) b) What should a

a) What should a firm do if it realizes that its marginal revenue is more than its marginal cost? (8 points) b) What should a firm do if it realizes that its average cost is more than its average revenue in the short run? (8 points) c) Explain the difference between economic profits and accounting profits. Support your answer with example. (9 points)

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