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Question : Question 11 (10 points) Refer to the graph for question

Question 11 (10 points) Refer to the graph for question 8 of your homework. What can be said if the firms in the market produce and output of 5? Total surplus will be maximized because, for unit #5, the value to consumers equals the cost of making the good. Total surplus will not be maximzed because, for unit #5, the value to consumers equals the cost of making the good. n Total surplus will not be maximized because, for unit #5, the value to consumers exceeds the cost of making the good. Total surplus will not be maximized because, for unit 5, the value to consumers is less than the cost of making the good.

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