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1.Under what conditions should a competitive firm shut down in the short run? (10 points) 2.a) Using appropriate graphs, explain how and why the demand

1.Under what conditions should a competitive firm shut down in the short run?

(10 points)

2.a) Using appropriate graphs, explain how and why the demand curve for monopolist firm differs from the demand curve of a firm in perfect competition?b) What do firms in perfectly competitive markets and monopolistic competitive markets have in common? How are they different in the long run?

(20 points)

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