When should a firm keep producing?
Follow a price-taking firm from marginal cost to profit, shut-down, supply and long-run entry. Learn the ideas and solve 10 questions with worked answers.
A small seller takes the going price
| Feature | Selected example |
|---|---|
| Independent sellers | 20 |
| Buyers | Many |
| Goods | Identical tokens |
| Entry | Free |
| Price-taking model? | Yes |
A small seller takes the going price
Choose a price taker’s output
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