In a situation when a firm is operating in a perfectly competitive firm and the...

In a situation when a firm is operating in a perfectly competitive firm and the total cost is given to a perfectly competitive firm and the total cost is given as N175.00. If the market price is N70.00 determine the profit. When 25 units are produced With the aid of diagram(s), explain why a firm in monopolistic competition is unable to earn abnormal profits in the long run. Use the diagram below to answer the questions that follow. (b)(i) Which of the curves represents the monopoly demand curve? (ii) What is the point on the diagram? (iii) State the equilibrium price and quantity (iv) Which area represent monopoly profits? (c) If P1 q = 50 Naira and q1 = 500 units and C = 20 Naira, determine the monopoly profit.?

In Economics
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Asked by Funmeh on 22nd August, 2023