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Answer the following questions: 1. What is a Perfectly Competitive Market? 2. Please describe the theory of Profit Maximization. Do you think that all firms

Answer the following questions:

1. What is a “Perfectly Competitive Market?”

2. Please describe the theory of Profit Maximization. Do you think that all firms follow this concept?

3. What is “Capital”?

4. What is the “Production Function?”

5. Please explain “Marginal Product.”

6. What is the difference between “Total Product” and “Average Product?”

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