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A firm in a perfectly competitive market invents a new

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A firm in a perfectly competitive market invents a new method of production that lowers marginal costs. What happens to its output? What happens to the profit it receives and the price it charges?

Reference no: EM13338206

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A firm in a perfectly competitive market invents a new : A firm in a perfectly competitive market invents a new method of production that lowers marginal costs. What happens to its output? What happens to the profit it receives and the price it charges?
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