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Given the information for perfectly competitive firm: Total fixed costs = RM5000 Total variable costs = RM1500 Price per unit = RM15 Quantity sold =

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Given the information for perfectly competitive firm: Total fixed costs = RM5000 Total variable costs = RM1500 Price per unit = RM15 Quantity sold = 180 units What is the firm profit level in the short run? Explain with appropriate diagrams how do perfect competitive firms adjust in long run. (13 marks)

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