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A competitive firm has been selling its output for $10 per unit and has been maximizing its profit. Then, the price rises to $14 and the firm makes whatever adjustments are necessary to maximize its profit at the now-higher price. Once the firm has adjusted, which of the following statements is correct?

User Ori Drori
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1 Answer

4 votes
Quantity of output is higher than it was previously
User Tobriand
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