1. Assume the competitive market shown below faces a short run price of $10. Using the graph below,...
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1. Assume the competitive market shown below faces a short run price of $10. Using the graph below, identify the following:
Profit maximizing output: _______________________
Approximate mark up over cost _______________________
In the long run, the price falls to $7.50. Why does this happen?
What is the new profit maximizing output? _______________________
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