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Question 248

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Use the following to answer question(s) :
Exhibit: Perfectly Competitive Firm
Use the following to answer question(s) : Exhibit: Perfectly Competitive Firm -(Exhibit: Perfectly Competitive Firm) The exhibit shows a perfectly competitive firm that faces demand curve d, has the cost curves shown, and maximizes profit. Assuming no changes in the costs of production, in the long run this firm will produce _______ units of output and sell its output at a price of ________ . A) 100; $1.00 B) 250; $1.90 C) 300; $2.00 D) 400; $3.00
-(Exhibit: Perfectly Competitive Firm) The exhibit shows a perfectly competitive firm that faces demand curve d, has the cost curves shown, and maximizes profit. Assuming no changes in the costs of production, in the long run this firm will produce _______ units of output and sell its output at a price of ________ .


A) 100; $1.00
B) 250; $1.90
C) 300; $2.00
D) 400; $3.00

Correct Answer:

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