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How does the firm determine how much to produce in the short

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Reference no: EM13314529

a. Define marginal revenue. How is it calculated? Why is marginal revenue constant and equal to price under perfect competition?

b. What is the shape and elasticity of the demand curve facing a perfectly competitive firm? Why?

c. How does the firm determine how much to produce in the short run?

Reference no: EM13314529

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