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1) Describe the firm's situation as depicted in the figure Price and cost (dollars per unit) 80 60 40 20 o 20 MC LRAC 40

1) Describe the firm's situation as depicted in the figure

Price and cost (dollars per unit) 80 60 40 20 o 20 MC LRAC 40 60 80 100 Quantity (units per week) Figure 14.2.2

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