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6. Deriving the short-run supply curve The following graph plots the marginal cost (MC) curve, average total cost [ATC] curve, and average variable cost (AVG)

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6. Deriving the short-run supply curve The following graph plots the marginal cost (MC) curve, average total cost [ATC] curve, and average variable cost (AVG) curve for a rm operating in the competitive market for snapback hats. At the current shortrun market price, rms Will 7 in the short run. In the long run

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