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  3. draw three graphs that show the following: how m

Draw three graphs that show the following: How market price is determined in the long run...

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Economics

  1. Draw three graphs that show the following:
  1. How market price is determined in the long run for a perfectlycompetitive market.
  2. How this market price determines the quantity produced in aperfectly competitive market in the long run (be precise with whatother curves are intersecting at this quantity).
  3. The market price and quantity produced in a monopoly. How dothe price and quantity compare to a perfectly competitivemarket?

Answer & Explanation Solved by verified expert
4.2 Ratings (623 Votes)
Ans 1 In Perfectly competitive market in long run firmsalways earn zero economic profit and price is equal to minimum ofATCMarket price minimum of ATC2 In    See Answer
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