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17. Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
To maximize its profit, the firm should
a. increase its output. b. continue to produce 1,000 units. c. decrease its output but continue to produce. d. shut down.
Find the equilibrium price and quantity traded and illustrate the equilibrium on a diagram (assuming there are no taxes or subsidies, and the notation is the same as that in question 2).
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