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1. A single firm in a perfectly competitive market is a price taker? True or False. Explain with examples. 2. What is the supply curve

1. A single firm in a perfectly competitive market is a price taker? True or False. Explain with examples.

2. What is the supply curve of a perfectly competitive firm? Is it different from that of the market supply curve? Explain.

3. If a firm makes a loss in the short run, then itwould shut down? If no, discuss. If yes, discuss. Offer examples

4.Does the monopolist have a supply curve? Discuss

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