Use the figure to answer the following 3 questions . The figure...
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Use the figure to answer the following 3 questions. The figure above shows the demand and cost curves facing a price-setting firm.
1) The profit-maximizing (or loss-minimizing) level of output is .
2) In profit-maximizing (or loss-minimizing) equilibrium, the price-setting firm earns$ in total revenue, which is than the maximum possible total revenue of $ .
3) In short run the maximum profit the firm can earn is $ .
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