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Fill in the Blanks
Fill in the blank.
"For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be __________ and beyond that level of output Marginal Cost must be ____________."
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Solution
"For a firm to be in equilibrium, Marginal Revenue (MR) and Marginal Cost (MC) must be equal and beyond that level of output Marginal Cost must be rising".
Concept: Concept of Producer's Equilibrium
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