Consider a firm operating in a competitive market. The firm is producing 40 units of output, has an average total cost of production equal to $5, and is earning $240 economic profit in the short run. What is the current market price?
A)$9
B)$10
C)$11
D)$12

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The Answer of Consider a firm operating in a competitive market. The firm is producing 40 units of output, has an average total cost of production equal to $5, and is earning $240 economic profit in the short run. What is the current market price?
A)$9
B)$10
C)$11
D)$12

Consider a Firm Operating in a Competitive Market