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Use the figure below to answer the following questions. Figure 11.3.1 R...

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Use the figure below to answer the following questions.

Figure 11.3.1

Refer to Figure 11.3.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry. In the short run, the firm will

exit from the industry if price is greater than average variable cost.

make an economic profit.

raise the price.

break even.

incur an economic loss if price is greater than average variable cost.

100%

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