If the firm's lowest average cost is $52 and the corresponding average variable cost is $26, what

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If the firm's lowest average cost is $52 and the corresponding average variable cost is $26, what does it pay a perfectly competitive firm to do if?
a. The market price is $51
b. The price is $36
c. The price is $12?

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Economics Principles and Policy

ISBN: 978-0538453653

12th edition

Authors: William J. Baumol, Alan S. Blinder

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Question Posted: Aug 26, 2013 07:08 AM

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If the firm's lowest average cost is $52 and the corresponding average variable cost is $26, what

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a When the market price is 51 the firm should lower the output in producing the p...View the full answer

Economics Principles and Policy

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