Question: (i) How does perfect competition differ from other market structures(Monopoly, Monopolistic competition, oligopoly). (ii) Explain the relationship between total revenue and marginal revenue curve. What

(i) How does perfect competition differ from other market structures(Monopoly, Monopolistic competition, oligopoly).

(ii) Explain the relationship between total revenue and marginal revenue curve. What is the relationship between Marginal revenue and average revenue under perfect competition?

(iii) State and explain the profit maximizing condition for a firm

(iv) State the long run equilibrium condition under perfectly competitive market

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