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Question: question 4 answer the following questions for perfect competition situation...

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Question 4: Answer the following questions for perfect competition situation een Price, Margi Average Revenue in Perfect Competition. Provide reasoning while explaining. At what level a firm in Perfect Competition should produce to maximize their profit? If they are currently producing at a level where their Marginal Revenue is greater or lesser than the Marginal Cost, then what they should do? How does a firm in perfect competition makes a shut-down (short-run) decision and Exit (long-run) decision?
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