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What are the options available to a firm when the market demand exceeds capacity?
Step by step
Solved in 3 steps
- What will be the firms total profit?How much should a firm sell of a particular product in order to maximize profit? What factor does it have to consider in arriving at this decision?Is a firm that satisfies the immediate needs and wants of target markets always doing what’s best for its consumers in the long run?
- Please graph what the market looks like with a short decrease in demand and what one firm looks like with a short run decrease in demand. Please make sure to graph your answer with all necessary labeling.Under what conditions will a firm exit a market? Explain theoretically and graphically.When would a profit-maximizing firm shut down in the short run?
