What is a perfectly competitive market

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Reference no: EM13694603

1) What is a perfectly competitive market?

2) What is marginal revenue? How is it related to total and average revenue?

3) How does competitive firm determine the quantity that maximizes profit?

4) When might a competitive firm shut down in the short run? Exit the market in the long run?

5) What does the market supply curve look like in the short run? In the long run?

Reference no: EM13694603

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