If there are ?xed costs of production in a competitive industry, the q that solves the ?rm’s ?rst-order condition(a) will also solve the ?rm’s second-order condition.(b) is the q that leads to the highest possible consumer surplus.(c) is the same as the q that minimizes AC and AVC.(d) is the same as the q that minimizes only AC.Answer is Dwhy?
This question was answered on: May 23, 2022
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