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If MR = MC = AVC for a perfectly competitive firm,will the firm operate or shut down? Explain.
Average Fixed Cost
The fixed cost per unit produced, calculated by dividing total fixed costs by the quantity of output produced.
Marginal Cost
The charge for generating one more unit of a good or service.
Total Variable Cost
Total variable cost is the sum of all costs that vary directly with the level of production or output, such as materials and labor.
Marginal Cost
The added cost of producing one additional unit of a product or service.
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