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1. Is the order of the minor always less than that of the matrix?
2. For perdfct competition, what is the equilibrium condition for the firm?
a)LAC=LMC=P or b)min LAC=LMC=P
3. Does a monopoly operate at min point of LAC at equilibrium?
4. Is it possible to incur losses or earn normal profits in the short run in case of monopoly?
5. Will a lumpsum tax imposed on monopoly reduce profits?
6. Does a supply curve exist for monopoly?
7. What is the formula for doubling of population?
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Locked
