Question: Match the term with the condition: Term Condition 1. Long Run a. (P-ATC) * Q 2. Long run equilibrium for competitive firm b. AFC *

Match the term with the condition: Term Condition 1. Long Run a. (P-ATC) * Q 2. Long run equilibrium for competitive firm b. AFC * Q = 0 3. reduce output c. MC>MR 4. break-even d. P=LRATC=MC 5. short run losses e. PMC 7. total profit g. ATC=P 8. increase production h. ATC>P>AVC

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