Question: Decide whether the statement is true of false and justify your answer: A competitive firm has a continuous marginal cost curve. It finds that as

Decide whether the statement is true of false and justify your answer: A competitive firm has a continuous marginal cost curve. It finds that as output increases, its marginal cost curve first rises, then falls, then rises again. If it wants to maximize profits, the firm should never produce at a positive output where price equals marginal cost and marginal cost decreases as output increases

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