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Consider a firm that is perfectly competitive with the usual-looking cost curves. (An upward-sloping MC curve and U-shaped AVC and ATC curves.)
a.) Show graphically and explain in words why it is profit maximizing for this firm to produce where MR = MC.
b.) Using the firm's cost diagram, derive the firm's supply curve. What kind of behavior is this firm undertaking? What cost curve does the supply curve resemble?

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