QUESTION 3 Figure 3 shows long run equilibrium for firm in imperfect market. Figure 3 Revenue,cost,price MC 7 AC 3 2 AR MR output 17 35 9. What type of market structure does the firm operating in? Why? b. State the profit maximizing price and output for the firm. C. Calculate the amount profit/loss made by the firm.

QUESTION 3 Figure 3 shows long run equilibrium for firm in imperfect market. Figure 3 Revenue,cost,price MC 7 AC 3 2 AR MR output 17 35 9. What type of market structure does the firm operating in? Why? b. State the profit maximizing price and output for the firm. C. Calculate the amount profit/loss made by the firm.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 12RQ: What are the four basic assumptions of perfect competition? Explain in words what they imply for a...

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What are the four basic assumptions of perfect competition? Explain in words what they imply for a perfectly competitive firm.
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