QUESTION 4

Choose the correct answer between A - D

Match each of the four market structures covered in this course with the description of the market structure.

Perfect Competition ........

a) many firms selling similar but differenciated products

b) many firms selling identical products

c) One firm selling unique product

d) A small number of firms selling identical or similar product

Monopolistic Competition.......

a) many firms selling similar but differenciated products

b) many firms selling identical products

c) One firm selling unique product

d) A small number of firms selling identical or similar product

Oligopoly

a) many firms selling similar but differenciated products

b) many firms selling identical products

c) One firm selling unique product

d) A small number of firms selling identical or similar product

Monopoly

a) many firms selling similar but differenciated products

b) many firms selling identical products

c) One firm selling unique product

d) A small number of firms selling identical or similar product

Question 5 10 pts Desmond works as an accountant making $80,000 per year. He is considering leaving his job to open an artisanal cheese shop. He estimates that he will need to spend $20,000 per year on space, $10,000 per year on supplies and $40,000 per year on staff. The shop will earn will earn $120,000 per year in revenue. Assuming his estimates are accurate, what will Desmond's accounting prot be? Assuming his estimates are accurate, what will Desmond's economic prot be? Please enter your solution without commas, dollar signs, or cents