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pls answer all the 5 question 1- Briefly describe the spectrum of competitive situations faced by firms in markets. 2-. Briefly describe the short-run perspective
pls answer all the 5 question
1- Briefly describe the spectrum of competitive situations faced by firms in markets. 2-. Briefly describe the short-run perspective of a firm's total costs. Provide a brief explanation of what a production technology refers to and explain how production technology relates to a firm's long-run perspective. 3- Briefly explain the (shutdown point.) Explain that the firm is making loss but the firm continue in business why? Explain with graph 4- What is the goal of all firm explain how a firm in perfect competitive market can maximize profit 5- What effect will each of the following have on the demand for product B? a) Product B become more fashionable b) The price of substitute product C falls c) A decline in incomes if B is an inferior good d) Consumers anticipate the price of B will be lower in the near future e) Foreign tariff barriers on B are eliminated Step by Step Solution
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