Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:17. A firm in a perfectly competitive industry faces the following long run total
cost schedule:
Qty
TC
2
$50
4
$100
a.
b. $10
c. $15
d. $20
e. $23.33
6
$140
What is the price in this market?
$5
8
10
$160 $240
12
$360
14
$600
16
$750
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