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Explain the three possible profit maximizing positions of perfectly competitive firms in the short-run. (15) Mark scheme - 5 marks each - 2 marks to

Explain the three possible profit maximizing positions of perfectly competitive firms in the short-run. (15) Mark scheme - 5 marks each - 2 marks to list; 3 marks to explain each profit position

2. Describe the nature of the goods produced by a monopolistically competitive firm. (10) Understand well the market structure being referred to in the question Mark scheme - 2 marks to list; 8 marks to discuss

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