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SECTION NAME PRINTLASENAME FIRSTNAM Use the graph below or profit maximizing/ose minimizing perfectly competitive firme answe

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Answer #1

6- (B)
Profit for a perfectly competitive firm is maximized where P= MC.
7- (C)
total cost is given by the rectangle 0p4aq2.
8- (D)
TFC = TC- TVC at q2 units of output.
9- (D)
since P<ATC , so firm is incurring a loss equal to P2P4ac.
10-(A)
firm shuts down if price falls below minimum point of AVC.

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