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The Accompanying Table Applies to a Purely Competitive Industry Composed

Question 245

Multiple Choice

The accompanying table applies to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of A) $18,000. B) $20,000. C) $22,000. D) $14,000. The accompanying table applies to a purely competitive industry composed of 100 identical firms. If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit, each must have a total cost of


A) $18,000.
B) $20,000.
C) $22,000.
D) $14,000.

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