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PerfectCompetitionAssignment.rtf.pdf - Perfect Competition...

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Perfect CompetitionThe graph below shows the cost and revenue functions for a perfectly competitive firm producing 500units of output per month. Complete the chart based on the graph shown below. Then answer thequestions that follow.1.Based on the level of output being produced, is this firm maximizing profit? What is the dollarvalue of the profit being earned by the firm? Use the lettering on the graph to identify the areaof profit.
2.How does the demand curve let you know this is a firm operating in perfect competition?

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Term
Spring
Professor
MaggieGustavus

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