#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under imperfect competition (firm faces downward sloping demand):
- Breakeven quantity of production is the quantity for which TR = TC.
- The firm should shut down in the long run if TR < TC.
- The firm should shut down in the short and long run if TR < TVC.
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- (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p88
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