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I would like to know a knowledgeable answer for c and d. c) Assume a perfectly competitive market without distortions. Draw a diagram showing the

I would like to know a knowledgeable answer for c and d.

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c) Assume a perfectly competitive market without distortions. Draw a diagram showing the total surplus in the market. (4 points) d) Explain why perfectly competitive markets will maximize the total surplus. Is the market result in such cases always fair? (4 points) Exercise 3 - Consumer behavior (12 points)

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