FIGURE 12- 1 Consider three firms,A,B and C,all producing kilos of potatoes (per year) in a perfectly competitive market.The diagrams below show marginal cost curves for each of the three firms.
-Refer to Figure 12- 1.Suppose each of Firms A,B and C are producing 500 kilos of potatoes.Keeping total output unchanged,what level of output should each firm be producing such that the industry is productively efficient?
Definitions:
Normative Influence
The process of using others to determine how to fit in.
Chameleon Effect
The unconscious mimicry of the gestures, behaviors, or expressions of others in social situations, often to create social rapport.
Conformity
The phenomenon whereby an individual alters his or her beliefs, attitudes, or behavior to bring them in accordance with those of a majority.
Participant
An individual who takes part in something, especially in a study, experiment, or survey, contributing data or insights.
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