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1. Why must buyers and sellers be price takers for a market to be perfectly competitive?2. How is a firm’s marginal cost curve related to the market supply curve?3.Based on the following tableoutput price total cost0 10 311 10 402 10 453 10 484 10 555 10 656 10 807 10 1008 10 1409 10 22010 10 340a. what is the profit maximizing output?b. what will happen to the market price in the long run?
