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Explain each of the characteristics of a market of price-takers: What does the demand curve for an individual rm in a perfectly competitive model look
Explain each of the characteristics of a market of price-takers: What does the demand curve for an individual rm in a perfectly competitive model look like? Why does it look the way it does? What is the relationship between price and marginal revenue, and why? What is the profit-maximizing {or loss-minimizing) condition for a perfectly-competitive firm? Explain. 3. Assume that P 2::- miu ATC. b. Assume that P
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