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The Just Nuts Company sells peanuts in a purely competitive (price-taker) market. The marginal cost of the peanuts at the current output of 800 units
The Just Nuts Company sells peanuts in a purely competitive (price-taker) market. The marginal cost of the peanuts at the current output of 800 units is $3.50. The marginal cost rises with higher levels of output. The minimum possible average variable cost is $3.00. The market price of the peanuts is $4.00/unit. To maximize profits or minimize losses, the Just Nuts Company should
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