The graph shows the short-run cost curves for a firm in a perfectly competi...
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The graph shows the short-run cost curves for a firm in a perfectly competitive market.
If market price is $6:
- profit-maximizing level of output is .
- Total Fixed Cost is $ .
- Total Variable Cost is $ .
- the firm's profit is $ .If market price is $4:
- profit-maximizing level of output is .
- the firm's profit is $ .
If market price is $3:
- profit-maximizing level of output is .
- the firm's profit is $ .
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