Microeconomics Quiz
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COMPETITIVE EQUILIBRIUM
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A perfectly competitive firm has been producing 15 units at a market price of $30. Due to a change in input costs, the firm's marginal cost at 15 units increases from $30 to $35, while marginal cost at 14 units becomes $32 and at 13 units becomes $29. Assuming the market price remains $30, how should the firm adjust its production?
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