Answer to Question #256105 in Microeconomics for Sayem

Question

1. Using the marginal analysis for an individual perfectly competitive firm, demonstrate graphically the profit maximizing point. Would this firm experience positive economic profit? Why or why not? (Can u explain a little bit?)

2. How is Demand and Marginal Revenue in perfect competition different from monopoly? 

3. What does the demand curve for a perfectly competitive individual seller look like? Explain the logic behind it.

Thank you

Answer 1

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