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A firm operating in circumstances of perfect competition faces a market price of $10. It is producing 2,000 units of output daily at a total cost of $19,000. This firm:
a. should increase its output to improve its profit position.
b. should reduce its output to improve its profit position.
c. should shut down to minimize its loss.
d. may or may not be at the output level yielding maximum profit—the information furnished is not sufficient to cover this point.
Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. What minimum increase in sales would be n..
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