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 business

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 ATC, continue; P < ATC, exit."

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