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ECO1050 – MicroeconomicsMarginal Cost, Revenue, and Pure CompetitionAssignment WorksheetDirectionsThis assignment deals with the recognition and application of pure competition cost andrevenue information that is graphically presented. Use the graph below to answer the followingquestions.Microeconomic Problem1.How do you know that the firm represented in the graph above is a purely competitivefirm?
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2.To maximize profits, this firm will produce at what output level (one letter)?