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Use the Following to Answer Question(s)

Question 114

Multiple Choice

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 less than P<sub>2</sub>, the firm will _______ in the short run. A) produce q<sub>1</sub> and break even B) produce q<sub>1</sub> and incur a loss C) shut down D) do none of the above
-(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. If the market price is less than P2, the firm will _______ in the short run.


A) produce q1 and break even
B) produce q1 and incur a loss
C) shut down
D) do none of the above

Correct Answer:

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