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The minimum feasible long-run average cost for rms in a perfectly competitive industry is $72 per unit. If every rm in the industry currently is
The minimum feasible long-run average cost for rms in a perfectly competitive industry is $72 per unit. If every rm in the industry currently is producing an output consistent with a long-run equilibrium, calculate the marginal cost incurred by each rm and the market price. Marginal cost is $ and market price is $ . (Enter your responses as whole numbers.)
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