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QUESTION 1 Both a perfectly competitive firm and a monopolist choose output to maximise profits where: marginal cost equals price. total revenue...

QUESTION 1

  1. Both a perfectly competitive firm and a monopolist choose output to maximise profits where:
  2. marginal cost equals price.
  3. total revenue equals total cost.
  4. marginal cost equals marginal revenue.
  5. average cost equals price.
  6. marginal revenue equals price.

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