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  • The firm … if its total revenue is less than variable cost. #171
  • A perfect competitive market maximizes profit by choosing the quantity at which #172
  • … arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms. #173
  • A monopolist’s … is always less than the price of its good. #174
  • A monopoly maximizes profit by choosing the quantity at which marginal revenue equals … #175
  • Monopolist is the price … #176
  • Nation’s standard of living depends on its … #177
  • The monopoly pricing causes … #178
  • The attribute, quality, characteristic or the capacity of a good or service to satisfy some human want is called … #179
  • The change in the total utility by consuming an extra/additional unit of the commodity is … #180
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