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    Important Information about Competitive Firms

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    Suppose an imperfect competitor faces the demand schedule attached and its marginal cost is constant at $2. If the firm is able to produce any output level, then it maximizes profits at

    (see attachment)

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    Solution Preview

    Marginal cost = constant = $2

    For Q = 8, P = 5, Total cost = 16; Total revenue ...

    Solution Summary

    The expert determines the important information about competitive firms. The solution answers the question(s) below.