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Q. At its current level of production, a profit-maximizing firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At market price of $12. 50 per unit, firm's marginal cost curve crosses marginal revenue curve at an output level of 1,000 units. Illustrate what is firm's current profit? Illustrate what is likely to occur in this market and why?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9306136

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