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Figure 1 Suppose a firm operating in a perfectly competitive market has the following cost curves: Cost/unit MC ATC $9.5 AVC $8 $7.5 $6 $5

Figure 1

Suppose a firm operating in a perfectly competitive market has the following cost curves:

Cost/unit MC ATC $9.5 AVC $8 $7.5 $6 $5 300 400 480 700

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