1- Explain why a firm in a perfectly competitive market would choose to remain in business, if its profit is zero at equilibrium.
1- Explain why a firm in a perfectly competitive market would choose to remain in business, if its profit is zero at equilibrium. Illustrate any theories or concepts you decide to use to answer this question with numerical examples.2- Explain what the term “price taker” means; and indicate the relationship of that term to the term “market power”.3- Give the reasons why a monopoly may arise, and provide real-world examples.
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