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Consider the price-taker market for sports jackets. The following graph shows the marginal cost (MCO, average total cost (AICO, and average variable cost (AVCJ

Consider the price-taker market for sports jackets. The following graph shows the marginal cost (MCO, average total cost (AICO, and average variable cost (AVCJ curves for a typical firm in the market. AVC 10 20 30 40 so so 70 eo go 100 QUANTITY (Thousands of jackets)

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