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For Questions 5-8 refer to the graph below. Assume that all firms in this industry have identical cost curves, and that the market is perfectly

For Questions 5-8 refer to the graph below. Assume that all firms in this industry have identical cost curves, and that the market is perfectly competitive.
Entire Market Single Representative Firm 25 S1 25 MC 20 S2 20 ATC 15+ - 15 Price ($/ unit) 53 AVC 10 10 D 0 O 200 250 300 350 400 450 10 15 20 25 30 35 40 45 50 Quantity (Number of Units) Quantity (Number of Units)

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