Question: Term Condition 1. Long Run a. (P-ATC) * Q 2. Long run equilibrium for competitive firm b. AFC * Q = 0 3. reduce output

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 (You may answer this by listing the number and then put the letter of the correct corresponding condition) 2. Why would a firm want to enter a perfectly competitive market when they know in the Long-Run the economic profits will be zero? 3. Total revenue for a given firm is equal to what math equation

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