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QUESTION 23 (4 Marks) Perfect competition is an economic term that refers to a theoretical market structure in which all
Posted: Wed Jul 06, 2022 6:29 pm
by answerhappygod
- Question 23 4 Marks Perfect Competition Is An Economic Term That Refers To A Theoretical Market Structure In Which All 1 (49.25 KiB) Viewed 12 times
QUESTION 23 (4 Marks) Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium. Figure 23. 1 shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. Figure 23.1 Cost, pnce (Rand) B. R800 C. R960 20 D. R720 N MC AC Price AVC # What is the total revenue of the profit-maximising firm in the short run? A. R2 000 60 80 100 Output per day