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Why is it the case that profits will decrease if a firm operating in a perfectly competitive environment produces a quantity beyond the point where
Why is it the case that profits will decrease if a firm operating in a perfectly competitive environment produces a quantity beyond the point where price equals marginal cost? Explain. 2. Suppose the demand curve for shirts is given by: P = 20 - 0.5Q The supply curve for shirts is given by: P = 0.5Q Please provide both calculations and a graph in your answer. What is the equilibrium price and quantity
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