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a) Does Perfect Competition prevail in Pakistan? Why producer gets normal profit in the Long Run under Perfect Competition? At which stage of production, the

a) Does Perfect Competition prevail in Pakistan? Why producer gets normal profit in the Long Run under Perfect Competition? At which stage of production, the producer should shut down his/her production activity? (05) b) What would be the best choice for the producer when MR (Marginal Revenue) is greater than MC (Marginal Cost)? (05) (Ans must be without plagiarism)

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