chpt 8 9

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8-4) explain why the demand curve facing a perfectly competitive firm is assumed to be perfectly elastic (i.e., horizontal at the going market price)

8-5) explain why the demand curve facing a monopolist a is less elastic than one facing a firm that operates in a monopolistically competitive market (all other factors held constant).

8-10) explain why the p=mc rule is the same as the mr=mc rule for perfectly competitive firms?

9-2) assume firms in the short-run are earning above-normal profits. explain what will happen to these profits in the long-run for the following markets:
a. pure monopoly
b. oligopoly
c. monopolistic competition
d) perfect competition

9-6 define "mutual interdependence".

9-11 compare and contrast porter's five forces model with the four basic types of markets.
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