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Answer the next question(s) on the basis of the
following cost data for a firm that is selling in a purely
competitive market.

Question: ""Please answer with simpleexplainlations""""Please answer with simpleexplainlations""""Please ...

1.       Refer to the above
data. The marginal cost column reflects:

a.       the law of
diminishing returns

b.      the law of diminishing
marginal utility

c.       diseconomies of
scale

d.      economies of scale

2.       A purely
competitive firm

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