-The figure above shows the marginal revenue and costs of a perfectly competitive firm. The marginal cost of the last unit produced is

Question

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In a perfectly competitive market, the marginal cost of the last unit produced is equal to the market price, which is also the marginal revenue. The figure indicates that the marginal revenue is $16, so the marginal cost of the last unit produced is $16 per unit.

-The Figure Above Shows the Marginal Revenue and Costs of a Perfectly