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3.1 The following figure is depicting the demand curve. Differentiate between the market demand curve and the single firm demand curve under perfect competition. Single

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3.1 The following figure is depicting the demand curve. Differentiate between the market demand curve and the single firm demand curve under perfect competition. Single firm's demand curve is horizontal. Justify. (1 mark) Demand at the Market and Firm Levels Under Perfect Competition Price Price Market Firm pe d' =p Market output Firm's output

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