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Table 14-11 Suppose that a firm in a competitive market faces the following prices and costs: Price Quantity Total Cost $5 $3 $5 $5 $5
Table 14-11 Suppose that a firm in a competitive market faces the following prices and costs: Price Quantity Total Cost $5 $3 $5 $5 $5 $8 $5 $12 $5 $5 $23 Refer to Table 14-11. The marginal revenue from producing the 4th unit equals $5, the price. the marginal cost O a. (i), (ii). and (in) O b. (ii) only O c. (i) only O d. () and (ii) only
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