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1. Perfect Competition Consider the following diagram of a competitive firm a) What is the profit maximising quantity the firm should produce at the

1. Perfect Competition Consider the following diagram of a competitive firm a) What is the profit maximising quantity the firm should produce at the price 94? (2 Marks) b) When the market prices is 94 is the industry in a long-run equilibrium? Explain (3 Marks) c) At a price below P2 does the firm produce output? Explain (3 Marks)

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