#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
In the long run, all factors of production are variable so a firm will maximize profits at the quantity for which marginal revenue equals marginal cost as long as price is greater than ATC. If price is less than ATC, the firm has economic losses and will minimize losses in the long run by going out of business and reducing ongoing losses to zero
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- (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p89
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