HAND DRAW the diagrams of the following:

a) A firm's demand and supply curves including its marginal revenue under a perfectly competitive

industry

b) A firm's demand and supply curves including its marginal revenue under a monopolistic industry

c) Explain:

• Why is a competitive firm's marginal revenue drawn that way?
• 
  
• Why is a monopolist's marginal revenue drawn that way?
• 
  
• Compare if a firm is under an industry that is perfect competitive versus monopolistic. Differentiate the price it would be charging and the quantity it would be producing. Which market structure charges higher prices? Which market structure produces higher Quantity?

Answer rating: 100% (QA)

Im unable to handdraw diagrams but I can describe the graphs and explain the concepts visually a Under perfect competition Demand curve Horizontal lin... View the full answer