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Assume perfect competition takes place in the market for hotel rooms. The the current market equilibrium price of a standard room is RM300 per night.
Assume perfect competition takes place in the market for hotel rooms. The the current market equilibrium price of a standard room is RM300 per night. a. Show that the current market balance is efficient, assuming that both the marginal cost borne by the seller and the marginal profit which the buyer feels reflects all the costs and benefits associated with production and use of hotel rooms. Draw a graph to illustrate you
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