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1) Firms aim to maximize profits by producing at the quantity where marginal revenue equals marginal cost, which occurs at the point where the demand curve is tangent to the highest possible isoprofit curve. 2) Large firms benefit from economies of scale, as fixed costs are spread out over more units of production, lowering average costs. Marginal costs also tend to decrease with larger output. 3) A firm

Author

aliffmcr

Language

EN