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3. Answer question relating to diagram. Answer the questions relating to this diagram (which shows the cost and revenue curves faced by a perfectly competitive

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3. Answer question relating to diagram. Answer the questions relating to this diagram (which shows the cost and revenue curves faced by a perfectly competitive firm). Costs & Revenue AR=MR 40 90 100 120 a) What is the maximum profit the firm can earn? b) What is the maximum output the firm can produce and still earn normal profits

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