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The following graph represents a perfectly-competitive firm producing in the short run. Revenue and cost (dollars per unit) 10 20 . ATC AVC 30

The following graph represents a perfectly-competitive firm producing in the short run. Revenue and cost (dollars per unit) 10 20 . ATC AVC 30 40 50 Output (units per day) If the market price is $7, this firm will eam a profit of approximately $280. $160. $120. $0. none of the above.

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