For each of the following conditions, tell whether it is true in (a) perfect competition (stage 2 equilibrium): (b) monopoly; and (c) monopolistic competition (stage 2 equilibrium). If the condition Is not true for any one of these types of market explain why 1) MR= MC 2)P= MC 3) P= AC 4) P =minimum AC 5) MWTP= P

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