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Unformatted text preview: instead of 10. 2. Suppose a firm in a competitive market received $1,000 in total revenue and had a marginal cost of 10 for the last unit produced and sold. How many units were sold? ANSWER: The firm will produce that quantity where marginal cost equals price. The price must therefore be $10. Output is therefore 1,000/10=100....
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- Spring '08