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Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal a
Posted: Wed Jul 06, 2022 6:29 pm
by answerhappygod
- Perfect Competition Is An Economic Term That Refers To A Theoretical Market Structure In Which All Suppliers Are Equal A 1 (248.4 KiB) Viewed 14 times
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 200 60 80 Output per day 100 MC AC What is the total revenue of the profit-maximising firm in the short run? A. R2 000 Price AVC @ K