Question: answer the following 1. Explain why profit maximization occurs when marginal cost equals marginal revenue. 2. Define perfect competition and explain why it is useful

answer the following

1. Explain why profit maximization occurs when marginal cost equals marginal revenue.

2. Define perfect competition and explain why it is useful concept.

3. Define monopoly and give 5 examples.

4. Define monopolistic competition and give 5 examples of monopolistically competitive behavior.

5. Define and identify costs and benefits of product differentiation.

6. Define and identify costs and benefits of price discrimination

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