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Graph a situation where the typical catfish farmer is

Graph a situation where the typical catfish farmer is incurring a loss at the prevailing market price p1

A. What is MC equal to at the best possible rate of output?

B. IS ATC above or below p1?

C. Which of the following would raise the market price?

1. A reduction in the firm's output?

2. An increase in the firm's input cost?

3. Exits from the industry?

4. An improvement in technology?

D. What price would prevail in long-term equilibrium?

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Business Economics: Graph a situation where the typical catfish farmer is

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