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Exhibit 8-1 -The Perfectly Competitive Firewood Market Is Composed of 1,000 Identical

Question 55

Multiple Choice

Exhibit 8-1
Exhibit 8-1 -The perfectly competitive firewood market is composed of 1,000 identical consumers and 1,000 identical firms. Exhibit 8-1 shows cost data for one firm and demand data for one consumer. What is the profit-maximizing quantity for each firm? A) zero cords of wood B) one cord of wood C) two cords of wood D) three cords of wood E) four cords of wood
-The perfectly competitive firewood market is composed of 1,000 identical consumers and 1,000 identical firms. Exhibit 8-1 shows cost data for one firm and demand data for one consumer. What is the profit-maximizing quantity for each firm?


A) zero cords of wood
B) one cord of wood
C) two cords of wood
D) three cords of wood
E) four cords of wood

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