Assume a perfectly competitive firm is producing 300 units of output, P = $10, ATC of the 300th unit is $8, marginal cost of the 300th unit = $10, and AVC of the 300th unit = $6. Based on this information, the firm is:
earning an economic profit of $600.
earning an economic profit of $1,200.
incurring a loss of $600.
incurring a loss of $1,200.
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