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4 3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. Price $ 100 200 300 1400 Quantity FIGURE

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3) Consider the following short-run cost curves for a profit-maximizing firm in a perfectly competitive industry. Price $ 100 200 300 1400 Quantity FIGURE 1 a) Refer to Figure 1. If the current market price is $6, what is the profit- maximizing output for this firm? b) Refer to Figure 1. If the price is $6 and the firm is producing at its profit-maximizing output, then what are total costs for the firm? c) Refer to Figure 1. If the market price is $1, the firm will produce units of output in the short run. d) Refer to Figure 1. If the market price is $2, what the firm will do

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