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On the Graphs Below,demonstrate the Circumstances That Would Prevail in a Perfectly

question 26

Essay

On the graphs below,demonstrate the circumstances that would prevail in a perfectly competitive market where the representative firm is experiencing economic losses.Draw the relevant cost curves (marginal,average total,and average variable costs;use U-shaped curves),the marginal revenue curve,and the market supply and demand curves.Shade in the area of total revenue and the area of economic loss.As you've drawn it,will the firm shut down in the short-run or choose to continue production? Explain your answer. $On the graphs below,demonstrate the circumstances that would prevail in a perfectly competitive market where the representative firm is experiencing economic losses.Draw the relevant cost curves (marginal,average total,and average variable costs;use U-shaped curves),the marginal revenue curve,and the market supply and demand curves.Shade in the area of total revenue and the area of economic loss.As you've drawn it,will the firm shut down in the short-run or choose to continue production? Explain your answer. ref SHAPE \* MERGEFORMAT$ ref SHAPE \* MERGEFORMAT

Definitions:

Positive Reinforcement

The strategy of encouraging a behavior by rewarding it each time it occurs to increase its frequency.

Resistance

The act of opposing or striving against something, which can manifest in various contexts such as physical forces, social movements, or individual behaviors against change.

Emotional High

A state of intense happiness or euphoria.

Performance

The act of carrying out a task with a specific outcome in mind, often measured against known standards of completeness, accuracy, and speed.