How much profit are firms making

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Reference no: EM131631519

Suppose in a perfectly competitive market wheat has a price of $4.50 per bushel

AVC is $4.25

ATC is 5.25

- How much profit are firms making?

- What will happen in the short run in terms of profit

- What will happen in the long run in terms of profit?

Reference no: EM131631519

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