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Perfect Competition Practice Problems 3. Describe the situation in the market below and firm below. a. Show the firm's i) MR, ii) Output, iii) Economic

Perfect Competition Practice Problems

3. Describe the situation in the market below and firm below.

a. Show the firm's i) MR, ii) Output, iii) Economic profit or loss

b. Assuming this is a PC market, describe and illustrate the long run adjustments that will restore this market to Equilibrium. Show on the graphs, for both the industry and the firm, the price and output after long-run adjustments.

Hint: Lots of ST Profit here...seems like an attractive industry for others.

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