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Please look at attached files for the entire assignment
Instructions
Chapter 12
With appropriate examples, define short run and long run.
One of the fundamental assumptions of perfect competition is free entry and exit of firms. With an example, explain how this assumption leads to all firms under perfect competition making normal profit in the long run. You can receive 2 bonus points for correct graphical analysis.
Chapter 13
The graph shows monopoly profit maximization. There are 6 points with a “?”. Label these points. (Hint: You can either copy/paste this graph or draw a similar graph on a MS Word file).
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