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A firm in a perfectly competitive market is producing new widgets for £3 and the market price is £4. Is the firm maximising profits? Is the firm making profits or loss?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A firm in a perfectly competitive market is producing new widgets for £3 and the market price is £4. Is the firm maximising profits? Is the firm making profits or loss?

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