Question: . NEED ANSWER ASAP / ANSWER NEVER USED BEFORE, COMPLETELY NEW ANSWER PLEASE There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly.

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There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly. Briefly discuss the assumptions of each of these four models and give examples of each. Explain the long run economic profit earned by each of the four. Explain how the concept of economic profit might help explain the rationale for the governments granting of monopolies to those firms that protect their product with a patent.

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