#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Under imperfect competition, the firm should shut down in the long run if TR < TC.
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Parent (intermediate) annotationOpen itUnder 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.
Original toplevel document (pdf)
- (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p88
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