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- Briefly explain four assumptions of perfectly competitive marketBriefly explain the reason for why in a competitive market we expect economic profits to be zero inthe long run. Why do firms operate even though they face 0 economic profit?Briefly explain using a graph whether given statement is true or false. ‘To maximise profit, a firm should produce the quantity where the difference between marginal revenue and marginal cost is the greatest. If a firm produces more than this quantity, then the profit made on each additional unit will be falling.’
- A competitive firm's supply curve is identical to its marginal cost curve. True or false? Briefly explain.The firm depicted by the graph below is producing q0 level of output. Given its costs, is the firm producing at the profit-maximizing/loss minimizing level of output? Briefly explain why or why not.Briefly explain what the market will illustrate when perfectly competitive firms produce at the quantity where P = MC and explain why this happens. Hint: Efficiency