Q2.Ramzah owned a burger stands along the beach. Figure 2 shows Ramzah's cost curves.

Figure 2: Market for Burger

(a) What is Perfect Competition? (4 marks)

(b)If the market price of a burger is $4, what is Ramzah's profit-maximizing output?(4 marks)

(c)Calculate the economic profit that Ramzah's makes.(6 marks)

(d)With no change in demand or technology, how will the price change in the long run?(6 marks)

(e)Distinguish between technological efficiency and economic efficiency. (5 marks)