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Explain the derivation of the short-run supply curve

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Reference no: EM132320314

  1. Explain the derivation of the Short-Run Supply Curve for a firm in perfect competition.
  2. Identify and explain the conditions for Long-Run Equilibrium in a perfectly competitive market.
  3. For a monopoly to persist, the market must be closed to entry. Identify and explain three means of doing so and provide an example for each.
  4. Explain how the profit-maximizing rule of setting P = MC leads a perfectly competitive market to be allocatively efficient.
  5. What is a natural monopoly? In what sense is it "natural"?

Reference no: EM132320314

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