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1. In perfect competition, what portion of the marginal cost curve is the firm's supply curve? 2. Why does the quantity of insulin demanded tend

1. In perfect competition, what portion of the marginal cost curve

is the firm's supply curve?

2. Why does the quantity of insulin demanded tend to be

unresponsive to changes in its price?

3.The following figure shows the average cost curve, demand

curve, and marginal revenue curve for a monopolist.

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