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#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under perfect competition, the breakeven quantity of production is the quantity for which
  • price (P) = average total cost (ATC) and
  • total revenue (TR) = total cost (TC).
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Under perfect competition: The breakeven quantity of production is the quantity for which price (P) = average total cost (ATC) and total revenue (TR) = total cost (TC). The firm should shut down in the long run if P < ATC so that TR < TC. The firm should shut down in the short run (and the long run) if P < average variable cost (AVC) so that TR

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owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p88


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