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A company operating in a perfectly competitive market faces a market price of $10. This market price will prevail in the foreseeable future. Its marginal cost equals $4 everywhere, up to its capacity level of 20 units of output. Fixed costs are equal to $10. There is no other cost information. Which of the following is true?
-Its profit-maximizing price equals $10
-Its profit-maximizing price is slightly below $10
-Its profit-maximizing output cannot be determined
-None of the above
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