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QUESTION TWO ( 20 marks) 2.1 With the aid of a fully labelled diagram, explain what would happen in the market for Ricoffy if the

QUESTION TWO (20 marks)

2.1 With the aid of a fully labelled diagram, explain what would happen in the market for Ricoffy if the priceof Frisco Coffee increases ceteris paribus. (10 marks

2.2 Explain with the aid of a properly labelled diagram, the marginal revenue curve facing a perfectly

competitive firm. (10 marks)

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