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Explain the equilibrium of the firm under a perfectly competitive market when: 1. P=MC=MR and the Firm is making zero economic profit. Explain 2. P=MC=MR

Explain the equilibrium of the firm under a perfectly competitive market when:

1. P=MC=MR and the Firm is making zero economic profit. Explain

2. P=MC=MR and Firm is making a loss. Explain

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