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REQUIRED: 1.) Illustrate the demand curve faced by a perfectly competitive firm. What brings about such behavior of the curve? What is the implication of
REQUIRED:
1.) Illustrate the demand curve faced by a perfectly competitive firm. What brings about such behavior of the curve? What is the implication of such to the firm's pricing and output decision?
2.) Illustrate graphically how the firm's supply curve is derive using the MC curve. Explain the graph.
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