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Question 1

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

Suppose that the equilibrium price is $16.28 (black line). This firm is earning

 

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Question 2

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

Suppose that the equilibrium price is $18.66 (black line). This firm is earning

 

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Question 3

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

Suppose that the equilibrium price is $12.92 (black line). This firm is earning

 

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Question 4

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

 

Hint