Question: Micro Unit 10 Worksheet Name ________________ 1. What are the 3 market structures covered in Module 3? 2. The graph at left can represent firms

Micro Unit 10 Worksheet Name ________________

1. What are the 3 market structures covered in Module 3?

2. The graph at left can represent firms in which market structures?

3. Explain your reasoning.

4. What quantity and price will this firm produce? 5. How do you know this?

6. What will TOTAL costs be for this firm? 7. What will TOTAL revenues be for this firm? 8. What will be profit PER UNIT? 9. What will TOTAL profit be for this firm? 10. If this firm is operating in monopolistic competition, what will happen in the long run? Why? What will the long run profit outcome be?

11. How do long run costs compare to if this industry was perfectly competitive?

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