Scenario 14-1 Assume a certain firm in a competitive market is producing Q- 1,000 units of output. At Q- 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for S$12 per unit. 8 22. Refer to Seenario 14-1. At Q-999, the firm's profits equal a. $993. M C= 15 ATC= 11 b. $997. c. $1,003. d. $1,007. Price - 12

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