Question: Question 1 Identify and explain the differences among the following market structures: a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly Question 2 Analyze

Question 1

Identify and explain the differences among the following market structures:

a. Perfect competition

b. Monopolistic competition

c. Monopoly

d. Oligopoly

Question 2

Analyze how and when a short run and long run equilibrium occurs in a monopolistic competition model.

Question 3

What is price discrimination? How does price discrimination reduce the deadweight loss associated with a monopoly seller?

Question 4

Explain the significance of a firm's break-even and shut down price.

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