Using the appropriate diagram for each question briefly explain (one or two sentences) each of the...

Using the appropriate diagram for each question briefly explain (one or two sentences) each of the following.

Explain how price is determined in a perfectly competitive industry.
Now explain how price is determined in a monopoly.
Now explain how the firm in a competitive industry can determine its profit-maximizing level of output.
Will the firm that follows your answer to part c always make a profit at its profit-maximizing level of output? Explain your answer.
Should a competitive firm shut-down if it is unable to earn a profit? Explain why or why not.

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Rahul Sunny answered 1 year ago

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