Question: Explain : The short-run rule for operating or shutting down is P> AVC, operate; P < AVC shut down. The long-run rule for continuing in

Explain : "The short-run rule for operating or shutting down is P> AVC, operate; P < AVC shut down. The long-run rule for continuing in business or exiting the industry is P 2 ATC, continue; P < ATC, exit."

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