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(Solution) - Evaluate each of the following statements If a statement is

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Evaluate each of the following statements. If a statement is true, explain why; if it is false, identify the mistake and try to correct it.
a. A profit-maximizing firm in a perfectly competitive industry should select the output level at which the difference between the market price and marginal cost is greatest.
b. An increase in fixed cost lowers the profit-maximizing quantity of output produced in the short run.


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This question was answered on: Jul 11, 2017

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