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A perfectly competitive industry has a large number of identical firms whose shortrun costs are a follows:Q is the firm’s output, TC its total cost, MC its marginal cost, FC its fixed cost, and VC its variable cost. Fill in the empty spaces and then find the profitmaximizing output and the level of profits when market price is $4.00. Then do the same if market price is $6.50. What is the lowest price at which this firm will supply any output at all to the market? Explain.
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