a) List down three (3) characteristics of perfect competition. (3 marks) b) A perfectly competitive firm has total revenue and total cost curves given by: TR=100QTC=5,000+2Q+0.2Q2 (i) Compute the marginal revenue (MR) for the firm. (2 marks) (ii) Compute the marginal cost (MC) for the firm. (2 marks) (iii) Find the profit-maximizing output for this firm. (4 marks) (iv) Calculate the profit at the level where firm maximize its output. (2 marks) c) Define the short-run shutdown point for a firm under perfect competition. (2 marks) d) Discuss and illustrate using a graph on the decision of a firm under perfect competition should make when market price for the product is less than average variable cost (AVC) in the short-run. (10 marks)