Examine the relationship between Marginal cost and average cost for firm in the short run. Why the Monopoly firm is considered inefficient compare to perfect competition? Write short notes on a)...

1. Examine the relationship between Marginal cost and average cost for firm in the short run.


2. Why the Monopoly firm is considered inefficient compare to perfect competition?


3. Write short notes on a) Normal profit for perfectly competitive firm b) Economic loss for perfectly competitive firm.

Note: Show Graph Using Ms word