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Question 2 2.1.     Using average and marginal cost curves and average and marginal revenue curves show...

Question 2

2.1.     Using average and marginal cost curves and average and marginal revenue curves show a firm in a perfectly competitive market in short run making and
maximising its profit. (Draw a diagram and explain it.)

2.2.     Using average and marginal cost curves show a firm in a monopolistically
competitive market making a loss whilst simultaneously behaving rationally in the
short run. (Draw a diagram and explain it.)

2.3.     Explain the Prisoner’s Dilemma. (You can use a pay-off matrix if you wish.)

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