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Market Structure: Perfect Competition and Monopoly Question 5 Price (AUD)/20 Kg bag 60 MC 50 ATC 40 MR-DO=AR Ave 30 20 10 100 200 300 400 500 600 700 800 900 Rice (Bags/month) The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland. Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarah's farm. (10 Marks)