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What are the characteristics of a perfect competition when

1. What are the characteristics of a perfect competition? When does a perfectly competitive firm earn profit and when do they incur loss?

2. Explain the relationship between average revenue, marginal revenue and price in a perfectly competitive market. How do we calculate them?

3. What are the reasons for monopoly? Please provide examples for each. Also how does this market is different from perfectly competitive market? Make sure to mention all relevant points.

4. What happens in a monopoly market in the short-run and in the long-run?

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