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Answer to Question #60566 in Microeconomics for Bob

Question #60566
a) Assuming competitive factor markets, graphically illustrate and explain the difference
between marginal revenue product for a competitive output market and a
monopolistic output market.

b) Assuming competitive factor markets, graphically illustrate and discuss the effect of
an increase in the wage rate in a competitive labour market.

c) Graphically derive the long run demand curve in a competitive factor market and
explain the underlying theory (assuming wages decrease).

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