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1. Curve I PRICE (COST) Curve ? R S Curve 3 K C QUANTITY OF OUTPUT The graph above shows the short-run cost structure

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1. Curve I " PRICE (COST) Curve ? R S Curve 3 K C QUANTITY OF OUTPUT The graph above shows the short-run cost structure of a firm in a perfectly competitive industry. a) Identify the cost curves that are denoted by each of the following labels i) Curve 1 Marginal Cost

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