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Use the graph below depicting a profit-maximizing, perfectly competitive firm to fill in the missing information (note: do not type dollar signs with your responses).
Use the graph below depicting a profit-maximizing, perfectly competitive firm to fill in the missing information (note: do not type dollar signs with your responses). PC graph-1.jpg This firm maximizes profit by producing 8000 units of output. The firm earns total revenue equal to $ 13000 , pays total cost equal to $ 9800 , and earns profit equal to $ 3200 . In the long run, the freedom of entry/exit ensures that the current price will (rise or fall) fall
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