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The diagram below shows a firm (industry) that earns a n

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The diagram below shows a firm (industry) that earns a normal return to capital if organized competitively. Price in the

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The diagram below shows a firm (industry) that earns a normal return to capital if organized competitively. Price in the market place is Pc under competition. We assume at first that marginal cost is fixed at $50 per unit of output and that there are no economies or diseconomies of scale. [The equation of the demand curve facing the industry is P = 100

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