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Draw a graph representing your conclusion

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Problem

Suppose a competitive firm previously set its price at $15 per unit to maximize its profit, which has been positive. Then the market price falls to $12 and the firm adjusts in order to maximize its profits at the decreased price. After these adjustments what can we conclude about the firm's quantity of output, average total cost, and marginal revenue in terms of being higher, lower, or the same as before. Draw a graph representing your conclusion.

Reference no: EM131985983

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