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(a) Why does the profit maximizing level of product occur at the point where marginal revenue equals marginal cost?
(b) Explain the different possible profit outcome for a Perfectly competitive firm in the short run versus the long run. Explain why the y occur
(c) What are some the potential obstacles that can prevent a market from reaching the efficient outcome? Briefly defined each obstacle
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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