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(a)Consider a firm selling oranges and the market for oranges is perfectly competitive. Assume that the market price is so low that the firm shuts
(a)Consider a firm selling oranges and the market for oranges is perfectly competitive. Assume that the market price is so low that the firm shuts down in short run. Draw a graph for the firm. Your graph should include MR, MC, ATC and AVC. Also, indicate the profit-maximizing quantity in the graph.
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