Graphically represent normal profit

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-Graphically represent and explain the demand, total revenue, marginal revenue and average revenue curves of a price-taking firm.

-Graphically represent and compare the demand curves of a monopoly and monopolistic competitive firm.

-Graphically represent normal profit. Explain why normal profit is the minimum required for a firm to keep operating in the long run.

-Why is a perfectly competitive market structure unlikely to exist in the real world?

-Why does the share market closely reflect a perfectly competitive market?

Reference no: EM133082409

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