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Suppose a perfectly competitive firm is producing at the point where it faces diminishing marginal returns and its marginal cost is above the market price If the firm increases its output its total

Suppose a perfectly competitive firm is producing at the point where it faces diminishing marginal returns and its marginal cost is above the market price. If the firm increases its output, its total revenue will _____ and its profit will _____. Question 29 options: decrease; decrease decrease; increase increase; decrease increase; increase

Apr 23 2020 View more View Less

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