Solved: How will the situation change over time, Microeconomics

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How will the situation change over time

Assignment

The accompanying graph shows the short-run demand and cost situation for a price searcher in a market with low barriers to entry.

a. What level of output will maximize the firm's profit level?

b. What price will the firm charge?

c. How much revenue will the firm receive in this situation? How much is total cost? Total profit?

d. How will the situation change over time?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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