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CAN SIR HELP ME COMPLETE IN 45 MINS a. Explain whether a perfectly competitive firm is known as a price taker or price setter. [5
CAN SIR HELP ME COMPLETE IN 45 MINS
a. Explain whether a perfectly competitive firm is known as a price taker or price setter. [5 Marks]
b. Suppose that a perfectly competitive industry is in long-run equilibrium, and demand increases.
Explain the short- and long-run effects on the firm and the industry.
[5 Marks]
c. Discuss about the "kinked-demand curve" in a game theory.[10 Marks]
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