The figure above shows cost curves for a perfectly competitive firm. S...
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The figure above shows cost curves for a perfectly competitive firm.
Suppose that market price is $990. A firm producing 3,350 units of output should produce units of output instead, to earn profits of $ .
A profit-maximizing firm will break even when market price is $ .
If market price is $110, a profit-maximizing firm will produce units of output and earn profits of $ .
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