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Unit 2.11: Diagram revision

Diagram revision for unit 2.11

1. Complete the following diagrams:

Perfectly competitive firm in the LR

Perfectly competitive firm making a loss

       

Perfectly competitive firm making abnormal profit

Monopoly firm making a loss

        

2. Complete the following sentence:

(a) Firms in monopolistic competition and perfect competition will make normal profits in the long run because there are no ­­­___________________ to _____________

(a) barriers to entry

(b) In the long run firms in ________________ ____________________ will be allocatively efficient in the long run

(b) perfect competition

3. Complete the following diagrams:   

Monopolistic firm making abnormal profit    

Monopolistic firm making a loss 

                     

Monopolistic firm in the LR

An allocatively efficient firm          

                     

The above questions can be downloaded as a PDF file at: Diagram revision questions

Teachers copy:  Answers