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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 10, Problem 4TY
Textbook Problem
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If the firm’s lowest average cost is $52 and the corresponding average variable cost is $26, what does it pay a perfectly competitive firm to do if

  1. The market price is $51?
  2. The price is $36?
  3. The price is $12?

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