What is total cost at profit-maximizing quantity of output

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Reference no: EM13158102

if the price is greater than the average variable cost and less than the average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will:

a) produce at an economic lost

b) produce more than the profit-maximizing quantity

c) produce at an economic profit

d) shut down production

Reference no: EM13158102

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