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Draw two graphs: One graph showing the market ( label supply / demand ) , and the 2 n d graph showing MR , MC
Draw two graphs: One graph showing the market label supplydemand and the graph showing MR MC and ATC for the firm. Suppose the market price is $ and the profit maximizing quantity is units. Label everything, and show the profit maximizing point. Why are firms price takers in a competitive market? Explain.
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