Competition Characteristics $(19$ points$)$

a$.$ How are the profit maximizing total product and price determined, graphically, for the monopoly and monopolistically competitive firm? In other words, state how the profit maximizing TP is found on the graph. Then state how the profit maximizing price is set on the graph. How is the determination of price for these two types of firms different from how the purely competitive firm determines its profit maximizing price?

b$.$ How does a monopolist or monopolistically competitive firm determine graphically if the demand for its product is inelastic? In other words, what curve is used to make this determination and how is it known, based upon this curve, whether the demand is elastic, inelastic, or unit elastic?

Why does it NOT want to operate where demand is inelastic?

c$.$ Which of the four forms of industry competition have advertising? Why is advertising experienced in this$/$these form$($s$)$ of competition and not experienced