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I'm given a costs and market structure chart. It has quantity, price, labor, variable cost, total costs, average fixed cost, average variable cost, average total
I'm given a costs and market structure chart. It has quantity, price, labor, variable cost, total costs, average fixed cost, average variable cost, average total cost, marginal cost, total revenue,, marginal revenue, and profits. The questions are what would be the firm's output level and price? Why? What rule does the firm use to pick its output? Is this a perfectly competitive firm? If not what type of form, do you think it is? Why do you say that?
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