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Consider Figure 4 below showing the average cost (AC), average variable cost (AVC), and marginal cost (MC) for a perfectly competitive firm. MC P AC

Consider Figure 4 below showing the average cost (AC), average variable cost (AVC), and marginal cost (MC) for a perfectly competitive firm.

MC P AC AVC P3 P2 P1 Q1 Q2 Q3 Q Figure 4

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