Quantity of Output Total Cost $ MC 8.5 3.5 15 6.5 22 4 30.5 8.5 5. 45.5 15 a. What are the conditions of Perfect Competition? b. What does "Price Taker" mean? Are firms in Perfect Competition price takers or price setters? c. f the market price is $8.50, whatis the profit-maximizing output? Explain. e n Jun 123mt

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