Explain the short-run break-even price as well as shut-down price for a competitive firm
Please answer the question more than five(5) sentences for each question based on researched facts and logical analysis to earn the full credit. Homework Q 1) explain the short-run break-even price as well as shut-down price for a competitive firm. (1 point) Q 2) Why is the level of output where marginal revenue equals marginal cost called as the profit-maiximizing output under either perfect competition or monopoly ? prove it in a logical way. (1 point) Q 3) Describe the shape of short run supply curve in perfect competition. (1 point) Q 4) Do you agree that companies under perfect competition as well as monopoly are making profits in the long run? If yes, why? If not, why not? (1 point) Q 5) Do you agree that companies under perfect competition as well as monopoly are enjoying productive efficiency and allocative efficiency? what is condition for productive efficiency and allocative efficiency? ( 1 point) Q 6) Compare the individual demand curve and marginal revenue curve for company under perfect competition as well as monopoly. ( 1 point)
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