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3 Written questions

2 Multiple choice questions

  1. 1. Many buyers and many firms, all of which are small relative to the overall market
    2. Products sold are identical
    3. No barriers to new firms entering (or on firms exiting)
  2. • In the long-run, if there's a profit to be made, firms will enter the market
    • In the long-run, if firms are operating at a loss, they'll shut down
    • Therefore, at the long-run competitive equilibrium, all firms will be earning zero economic profits

2 True/False questions

  1. Break-even pointis minimum of ATC curve

          

  2. Shut-down pointis minimum of AVC curve

          

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