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FIIce MC 158 99 90 77 ATC AVC $50 50 45 D = AR = MR D Quantity 195 (millions) O 5 10 12 20

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FIIce MC 158 99 90 77 ATC AVC $50 50 45 D = AR = MR D Quantity 195 (millions) O 5 10 12 20 In the short-run, the perfectly competitive firm shown in the graph on the right above should Please note that AR is the same thing as Price (P). shut down produce 10 units of output produce 12 units of output IOl produce 20 units of output

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