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Doctors Medicines MCQs Q&A

  1. Average total cost equals price at the profit-maximizing level of output
  2. Average variable cost equals price at the profit-maximizing level of output
  3. Average fixed cost equals price at the profit-maximizing level of output
  4. Marginal cost equals price at the profit-maximizing level of output
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Answer: Option 2

A firm encounters its 'shutdown point' when average variable cost equals price at the profit-maximizing level of output.

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