PLEASE PLEASE HELP!!!!
1.WITH THE HELP OF DIAGRAMS,MAKE A DISTIOTION BETWEEN PERFECT COMPETITION AND MONOPOLOY IN THE SHORT AND LONG RUN
2.SUPPOSE A PROFIT MAXING FIRM IS PRODUCING AT AN OUTPUT LEVEL AT WHICH THE PRICE OF ITS PRODUCT IS LESS THAN THE AVERAGE TOTAL COST OF PRODUCING THAT PRODUCT,UNDER WHAT CONDITIONS SHOULD THIS FIRM SHUT DOWN?EXPLAIN.UNDER WHAT CONDITIONS SHOULD THE FIRM EXIST FROM THE MARKET?EXPLAIN
What is DISTIOTION?
What is a PROFIT MAXING FIRM ?