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Question 101

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Use the following to answer questions:
Figure: Light Bulbs Use the following to answer questions: Figure: Light Bulbs -(Figure: Light Bulbs) What price of light bulbs would induce the firms in this diagram to minimize total production costs while maintaining the same total output? A) $0.40 B) $0.80 C) $1.00 D) $1.00 for Firm 1, $0.70 for Firm 2
-(Figure: Light Bulbs) What price of light bulbs would induce the firms in this diagram to minimize total production costs while maintaining the same total output?


A) $0.40
B) $0.80
C) $1.00
D) $1.00 for Firm 1, $0.70 for Firm 2

Correct Answer:

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