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Use the Following to Answer Question(s)

Question 117

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Use the following to answer question(s) :
Exhibit: Profit Maximizing
Use the following to answer question(s) : Exhibit: Profit Maximizing -(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. If the market price is P<sub>3</sub>, the firm will produce quantity _______ and _______ in the short run. A) q<sub>2</sub>; make a profit B) q<sub>1</sub>; break even C) q<sub>2</sub>; incur a loss D) q<sub>4</sub>; incur a loss
-(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. If the market price is P3, the firm will produce quantity _______ and _______ in the short run.


A) q2; make a profit
B) q1; break even
C) q2; incur a loss
D) q4; incur a loss

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