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Suppose that in a perfectly competitive industry, the market price of the product is $27. A firm is ...

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Suppose that in a perfectly competitive industry, the market price of the product is $27. A firm is ...

Suppose that in a perfectly competitive industry, the market price of the product is $27. A firm is producing the output level at which average total cost equals marginal cost, both of which are $25. Average variable cost is $23. To maximize profits in the short run, the firm should

▸ increase its output.

▸ reduce its output.

▸ shut down.

▸ change the price of the product.

▸ leave its output unchanged.

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Microeconomics

Edition: 17^th

Author: Ragan

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