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Refer to the Following Figure

Question 47

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Refer to the following figure:
Refer to the following figure: The figure above shows cost curves for a perfectly competitive firm. -If market price is $0.70, a profit-maximizing firm will produce _____ units of output and earn profits of _____. A) 500, -$450 B) 500, -$50 C) zero, -$450 D) zero, -$400
The figure above shows cost curves for a perfectly competitive firm.
-If market price is $0.70, a profit-maximizing firm will produce _____ units of output and earn profits of _____.


A) 500, -$450
B) 500, -$50
C) zero, -$450
D) zero, -$400

Correct Answer:

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