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You are hired as a consultant to a monopolistically competitive firm. The firm reports the following information about its price, average total cost: P >

You are hired as a consultant to a monopolistically competitive firm. The firm reports the following information about its price, average total cost: P > MC, P = ATC Which of the following statements are true about the firm? Check all that apply. The firm can increase its profit by reducing its output. The firm is possibly maximizing profit. O The firm is in long-run equilibrium

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