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Suppose the equilibrium price in a perfectly competitive industry is $15 and a firm in the industry charges $21.Which of the following will happen?
Materials
Substances or components that are used in the manufacturing or production of goods.
Annual Fixed Costs
Costs that do not vary with the volume of production or sales and are incurred on a yearly basis.
Variable Costs
Expenses that vary directly with levels of production.
Fixed Costs
Fixed costs refer to the expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.
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