5. C _/40 Points Total) Create a well-organized study guide that includes the essential concepts and graphs for each of the four market structures. Points will be awarded according to the following criteria: a. Structure I. Well organized information that is easily accessible ( /5) ii. Clear and well drawn graphs (_/5) b. Explanation of General Concepts: ( /5) i. Profit Maximizing Rule ii. Short-Run Supply Curve and Shut-down Point ill. Productive Efficiency iv. Allocation Efficiency v. Excess Capacity c. Inclusion of key graphs i. Costs of Production ( /6) 1. Production Function TP, MP, and AP (Graph with three stages) 2. TC, VC, FC (Definitions) 3. MC, ATC, AVC, AFC (Formulas and Graph) 4. Long-Run ATC (Graph showing Economies and Diseconomies of Scale) ii. Perfect Competition (_/5) 1. Characteristics 2. Firm and Industry in Short-Run Making Profit (Graph) 3. Firm and Industry in Short-Run Making Loss (Graph) 4. Firm and Industry in Long-Run equilibrium (Graph) 5. How economic profit and loss disappear in the Long-Run (Graph) iii. Monopolies ( /5) 1. Characteristics 2. Demand and MR for imperfectly competitive firms (Elastic and Inelastic range) 3. Monopoly making a profit (Graph-label Profit, Consumers Surplus, and DWL) 4. Perfectly Price Discriminating Monopoly (Graph) 5. Regulated Monopolies (Fair Return and Socially Optimal) iv. Monopolistic Competition ( /5) 1. Characteristics 2. Firm Making Short-Run Profit (Graph) 3. Firm Making Short-Run Loss (Graph) 4. Firm in Long-Run Equilibrium (Graph) 5. How economic profit and loss disappear in the Long-Run (Graph) v. Oligopolies( /4) 1. Characteristics 2. Game-Theory Model (Matrix) 3. Kinked Demand Curve (Graph) 4. Profit maximization with Collusion (Graph)