Question 1: Explain with the aid of graph (s), why profit maximization for a firm in a
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Question 1:
Explain with the aid of graph (s), why profit maximization for a firm in a perfectly competitive market Impliesthat the short - run shutdown point is at the quantity where p= AVC (q)
Question 2:
With the aid of graph (s), explain why a monopolist will never produce on the inelastic portion of the demand curve
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