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The graph below shows cost curves for a firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $13.56 (black line). This firm is earning

 

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The graph below shows cost curves for a firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $17.66 (black line). This firm is earning

 

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The graph below shows cost curves for a firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $21 (black line). This firm is earning

 

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The graph below shows cost curves for a firm operating in a perfectly competitive market.

Suppose that the equilibrium price is $14 (black line). This firm is earning

 

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