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1 if an industry is perfectly competitive then a single

1. If an industry is perfectly competitive, then a single producer is a price taker? Why? Explain with examples.

2. What is the supply curve of a perfectly competitive firm? Is it different from that of the market supply curve? Explain.

3. If a firm makes a loss in the short run, then it would shut down? If no, discuss. If yes, discuss. Offer examples

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