JAMB - Economics (2022 - No. 24)
The sufficient condition for a firm to be in equilibrium is that the
firm must show that it is profitable
marginal cost must be equal to average revenue
marginal revenue curve is above the average revenue curve
marginal cost curve cuts the marginal revenue curve from below
توضیح
A firm is said to be in equilibrium when it satifies the following conditions:
- the first conditon for the equilibrium of the firm is that its profit should be maximum
- Marginal cost should be equal to marginal revenue
- Marginal cost must cut Marginal revenue from below
- the first conditon for the equilibrium of the firm is that its profit should be maximum
- Marginal cost should be equal to marginal revenue
- Marginal cost must cut Marginal revenue from below