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Consider the following costs for a typical perfectly competitive firm with no fixed costs. (atc = avc). Average Total Marginal Cost Quantity Cost $16 15 13 18.75 57 123.5 $14 9 ME 210 370 4 6 a. Which of the following prices would be associated with a long-run equilibrium? – 9 – 13 – 14 -18.75 b. Given only the available information, which of the following prices would be associated with a short-run equilibrium? – 9 – 10 – 12 – 14

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