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Consider the following cost schedule for a firm. Quantity Marginal Cost Average Total Cost Average Variable Cost 10 $12 $32 $24 15 $14 $30 $20

Consider the following cost schedule for a firm.

Quantity Marginal Cost Average Total Cost Average Variable Cost
10 $12 $32 $24
15 $14 $30 $20
20 $16 $28 $16
25 $26 $26 $20
30 $30 $28 $24
35 $40 $32 $30

What is the economic profit or loss for a perfectly competitive firm if the market price is $26?

a) 0

b) $20

c) -$20

d) $150

e) -$150

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