Case 1 where Price < AVC Case 2 where Price > ATC Case wher…
Case 1 where Price < AVC Case 2 where Price > ATC Case where ATC > P > AVC MC (Marginal Cost) MR (Marginal Revenue) ATC (Average Total Cost) AVC (Average Variable Cost) d (demand curve) P (price) Based on the above figure for a perfectly competitive firm in the short run, In case 2, the perfectly competitive firm will _____________________________.