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Based on marginal revenue/marginal cost analysis, (a) Using an example of a product in a perfect competitive market, describe how output (Q) and price (P)

Based on marginal revenue/marginal cost analysis,

(a) Using an example of a product in a perfect competitive market, describe how output (Q) and price (P) are determined in that market.

(b) Why are they determined in this way?

[Hint: Think of what firms attempt to optimize and how they go about doing this in perfect competitive markets.

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