This situation is about the Market Structure in which includes: Perfect competition, Monopolistic Competition, Oligopoly, and Monopoly

Part 1:

Perfect Competition

1.List all of the characteristicsof a PC Firm.

2.Using Hot Dogs, Graph (side by side) the market graph and the individual graph of Price, Quantity, Supply, Demand, MR, ATC, MC and the Short run and long run profits for Hot Dogs.

Part 2:

Monopoly

1. List all of the characteristicsof a Monopoly

2) Using DeBeer'sDiamonds, Graph a Monopoly showing the Price, Quantity, Demand, MR, ATC, MC and Profit for Diamonds.

3) Compare and Contrast the Price, Quantity, ATC, Profit for a Monopoly and a PC firm.Who has a higher price, quantity, ATC, and profit?Who is more efficient and why?