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1. Fill in the following table if the market price is $140 and the firm is operating within perfect (or pure) competition:
Total Output (Q)
TFC
TVC
TC = TFC + TVC
MC
Total Revenue = (P x Q)
MR = Change in TR
Profit = TR - TC
0
100
N/A
1
120
140
2
200
3
290
4
440
5
600
2. Based on the data from #1, what is the quantity that this perfectly competitive firm will produce? Name the method you used to determine the answer.
3. Provide an example of a perfectly competitive industry? What characteristics does it have which support your conclusion?
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