Draw typical average total cost, average variable cost, and marginal cost curves for a competitive firm with price at the shutdown point. Show that total revenue equals variable costs at this quantity. Also show the firm's losses at this quantity.

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The Answer of Draw typical average total cost, average variable cost, and marginal cost curves for a competitive firm with price at the shutdown point. Show that total revenue equals variable costs at this quantity. Also show the firm's losses at this quantity.

Draw Typical Average Total Cost, Average Variable Cost, and Marginal