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Suppose that in a perfectly competitive industry, the market price for the product is $130. A firm ...

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Suppose that in a perfectly competitive industry, the market price for the product is $130. A firm ...

Suppose that in a perfectly competitive industry, the market price for the product is $130. A firm is producing the output level at which average total cost equals marginal cost, both of which are $138. Average variable cost is $132. To maximize profits in the short run, the firm should

▸ reduce its output.

▸ expand its output.

▸ produce zero output.

▸ leave its output unchanged.

▸ change the price of the product.

Textbook

Microeconomics

Edition: 17^th

Author: Ragan

Read 35 times

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marcospolos

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unrendezvous Author

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Thanks for your help!!

jbag1237

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Good timing, thanks!

my2redeyes

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this is exactly what I needed

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