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Suppose a firm in a monopolistic competitive market produces a profit-maximizing quantity of 10 in the short run. At this quantity its Marginal Revenue and
Suppose a firm in a monopolistic competitive market produces a profit-maximizing quantity of 10 in the short run. At this quantity its Marginal Revenue and Marginal Cost are both $20, its Average Total cost is $55 at that quantity, its Average Variable cost is $45, and the price it charges is $40. What is this firm's economic profit? Group of answer choices -$100 -$150 $0 -$50
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