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Assume that all firms in a competitive market have a total cost curve given by TC = 162 + 2q2. If the market price is $32, which statement is true?
(a)The firm produces 16 units and some firms exit the industry.
(b)The firm produces 8 units and some firms exit the industry.
(c)The firm produces 16 units and new firms enter the industry.
(d)The firm produces 8 units and new firms enter the industry.
(e)None of the above.
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