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What Is Positive OB and How Does This Concept Help

question 32

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What is Positive OB and how does this concept help managers?

Identify the conditions under which a perfectly competitive firm should increase or decrease production to maximize profits.
Recognize the significance of the equality between price and marginal cost in profit maximization.
Determine the short-run production decisions of a perfectly competitive firm based on price comparisons with average total cost, marginal cost, and average variable cost.
Analyze the impact of market price on a firm's economic profit, loss, and break-even conditions.

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