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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 $18.28 (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 $19 (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 $14.28 (black line). This firm is earning

 

Hint


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

Suppose that the equilibrium price is $7 (black line). This firm is earning

 

Hint