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A perfectly competitive firm sells 10 units of Good X at a price of $2 per unit. It incurs a fixed cost of $5 and a variable cost of $40 to produce the good. Which of the following is true?
The average revenue of the firm is $20.
The firm should shut down.
The firm should operate in the short run but shut down in the long run.
The marginal cost of the good is $4.
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