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(7 points) USE THE GRAPH OF THE SHORT RUN MONOPOLY BELOW TO ANSWER THE FOLLOWING QUESTIONS: $ / unit 1. How do you know this

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(7 points) USE THE GRAPH OF THE SHORT RUN MONOPOLY BELOW TO ANSWER THE FOLLOWING QUESTIONS: $ / unit 1. How do you know this is NOT a perfectly competitive firm? MC $42 ATC $35 $32 AVC $28 $22 $20 At what level of output and price is the demand for this product: D = AR unit Q elastic? 20 25 30\\32 40 MR elastic? inelastic? What is the profit maximizing level of output

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