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2) Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which a. P=MC=MR and Firm is

2)Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which

a.P=MC=MR and Firm is making zero economic profit

b.P=MC=MR and Firm is making a loss

c.Explain shut down rule with the help of graph

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