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a) What are the main features of the perfectly competitive market? (6 marks) b) With the help of well-labeled diagrams, compare the short run equilibrium
a) What are the main features of the perfectly competitive market? (6 marks) b) With the help of well-labeled diagrams, compare the short run equilibrium of a firm under a perfectly competitive market structure and a monopoly market structure. (14 marks)From the figures given below; OUTPUT(UNITS) TOTAL REVENUE (K'000) 50 750 60 840 70 910 80 960 90 990 100 1000 You are required to: a) Calculate the average revenue [3 marks] b) Calculate the marginal revenue [2 marks] c) Draw the average revenue curve [2 marks] d) Determine the market structure [1 mark] e) Mention two features of the market structure in (d) [2 marks]
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