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In the perfectly competitive car production industry, General Motors produces 40,000 sedan cars for an average total cost of $38,000, marginal cost of $33,000, and
In the perfectly competitive car production industry, General Motors produces 40,000 sedan cars for an average total cost of $38,000, marginal cost of $33,000, and average variable cost of $30,000. General Motors, in the short run, should produce more cars if the current price is above ______ and should shut down if the current price is below ______
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