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1) Briefly explain what a market will show if perfectly competitive firms produce at the minimum of the long-run average cost curve and explain why this happens. Briefly explain what the market will illustrate when perfectly competitive firms produce at the quantity where P = MC and explain why this happens.
2) Briefly contrast when losses will be the smallest for a perfectly competitive firm based on total revenues with when losses for such a firm will be smallest based on marginal revenue.
3) Briefly discuss the way in which a monopolist can seek out the profit-maximizing quantity of output.
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