Question: Part 1 (6 marks in total - each question is worth 0.25 marks) Consider the diagrams below: Market Competitive firm Price $ Price, cost $

Part 1 (6 marks in total - each question is worth 0.25 marks) Consider the diagrams below: Market Competitive firm Price $ Price, cost $ S1 MC 52 ATC AVC P2 P2 D2=AR2=MR2 P1 P1 DI=AR=MR1 D1 0 Q1 Q2 Q3 91 92 Quantity quantity

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