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The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that

The Competitive Industry and Firm Refer to the figure above to answer this question for a representative firm in a perfectly competitive market. Suppose that the market price is $70. What is the profit-maximizing (or loss-minimizing) output? a. 7 b. 9 c. 3 d. 5

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