The above diagram illustrates the short run cost curves for Sarah Mat
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The above diagram illustrates the short run cost curves for Sarah Mat

Assessment Question Week6: 

Market Structure: Perfect Competition and Monopoly 

Question 5


The above diagram illustrates the short run cost curves for Sarah Mat, a rice farmer in Queensland. Calculate the profit or loss for Sarah Mat and, examine the key characteristics for perfect competition firm with reference to Sarah’s farm.

Hint
Economics Perfect competition is a situation in the markets where the sellers and buyers are numerous and well informed such that all the elements of monopoly are absent. In this situation, the market price of a specific commodity is usually beyond individual buyers and sellers’ control....
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