MC ATC P5 P4 AVC P3 P2 P1 8 10 11 12 Quantity (per day) reamstm to 5 Price and costs (dollars)

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Extracted text: MC ATC P5 P4 AVC P3 P2 P1 8 10 11 12 Quantity (per day) reamstm to 5 Price and costs (dollars)


Extracted text: 2. On the above figure explain your decision on price one and price five in a perfectly competitive firm. 3. Discuss the long debate of economists whether there is a significant loss of well-being to society in markets that are monopolistically competitive rather than perfectly competitive. 4. Explain the significant difference of the product distributed by a perfect competition which is homogenous product and differentiated product for the monopolistic completion. Cite an example in your arguments.