Question: Examine the cost data shown in Table 8-1. Calculate the supply decision of a profit-maximizing competitive firm when price is 21, 40, and 60. What

Examine the cost data shown in Table 8-1. Calculate the supply decision of a profit-maximizing competitive firm when price is 21, 40, and 60. What would the level of total profit be for each of the three prices? What would happen to the exit or entry of identical firms in the long run at each of the three prices?

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