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The graph shows the cost curves of a firm in a competitive industry. If the price drops below$ , the firm producing at the optimal

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The graph shows the cost curves of a firm in a competitive industry. If the price drops below$ , the firm producing at the optimal level of output will incur a loss (a negative profit).

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Price and cost 10 12 Quantity The graph shows the cost curves of a rm in a competitive industry. If the price drops below $ . the rm producing at the optimal level of output will incur a loss (a negative prot)

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