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07. A perfectly competitive firm: A. will not produce in the short run if price is lower than average variable cost B. will produce in

07. A perfectly competitive firm: A. will not produce in the short run if price is lower than average variable cost B. will produce in the short run if price is below average total cost (but above average variable cost) C. will not produce in the long-run D. a and b only E. a, b, and c

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