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3.If a perfectly competitive firm is producing a quantity where P > MC, then the firm can increase profit by: a. making no change in

3.If a perfectly competitive firm is producing a quantity where P > MC, then the firm can increase profit by:

a.

making no change in output or price because it is already maximizing profit.

b.

increasing the price.

c.

decreasing the price.

d.

increasing production.

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