A perfectly competitive orchard that produces 500 lbs of apples in the short run has an ATC = $10 and AFC = $8. The market price is $4 per lb and is equal to MC. In order to maximize profits (or minimize losses) in the short-run, this farm should:
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Home » Business » A perfectly competitive orchard that produces 500 lbs of apples in the short run has an ATC = $10 and AFC = $8. The market price is $4 per lb and is equal to MC. In order to maximize profits (or minimize losses) in the short-run, this farm should: