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Suppose a firm operating in a competitive market has the following cost curves: 20 MC 18 16 14 12 PRICE ATC 10 A N 1

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Suppose a firm operating in a competitive market has the following cost curves: 20 MC 18 16 14 12 PRICE ATC 10 A N 1 2 3 4 5 6 7 8 9 1 QUANTITY Refer to Figure 14-2. The firm will earn zero economic profit if the market price is Oa. $0. Ob. $10. Oc. $6. Od. $7

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