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The accompanying figure shows an individual firm in a perfectly competitive industry in which all firms have joined together to form a cartel. This firm
The accompanying figure shows an individual firm in a perfectly competitive industry in which all firms have joined together to form a cartel. This firm has agreed to restrict its output to 600 units per day and raise its price to $5 per unit. Suppose this firm, and this firm only, decided to cheat on its agreement with the cartel and produce an output level that satisfies its own profit-maximizing condition. What profits would this firm earn under this circumstance
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