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Short-Run Profit maximization

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1. What are the 3 condition for Short Run profit maximization in Monopoly?

2. What are the 3 condition for Short Run profit maximization in Monopolistic
competition?

3. What are the 3 condition for Short Run profit maximization in oilgopoly?

4. Illustrate a monopolistically firm in long run equilibrium

(you can draw the curves using drawing tools)

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Short-Run Profit maximization is determined.

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Short-Run Profit maximization
<br>-------------------
<br>
<br>Monopoly
<br>--------
<br>
<br>1. Marginal Revenue (MR) = Marginal Cost(MC)
<br>2. Price (P) > Marginal Cost(MC)
<br>3. Positive Short-Run Profits.
<br>
<br>Monopolistic Competition
<br>------------------------
<br>
<br>1. Marginal Revenue (MR) = Marginal Cost(MC)
<br>2. Price (P) > ...

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