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Suppose that a profit-maximizing monopoly firm experiences a substantial technological change that reduces its marginal and average total costs by $40. If the firm has

Suppose that a profit-maximizing monopoly firm experiences a substantial technological change that reduces its marginal and average total costs by $40. If the firm has been operating for over 10 years, it probably.

a. had negative economic profits

b. had zero economic profits

c. had positive economic profits

d. was unable to estimate its own profits

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