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Suppose, at a given point in time, Louie's Lute Lair is selling lutes in a perfectly competitive market and is producing at a level of
Suppose, at a given point in time, Louie's Lute Lair is selling lutes in a perfectly competitive market and is producing at a level of output where marginal revenue is greater than marginal cost. Everything else held constant, Louie can increase his firm's profits by___ the quantity of lutes he produces and __the price he charges for them. Select one: A. increasing; decreasing B. decreasing; not changing C. decreasing; increasing D. increasing increasing E. not changing increasing F. not changing: decreasing G. Increasing: not changing H. decreasing decreasing
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