This topic is about the Market Structure based on how much competition is in the industry.This will include Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly, Price, Quantity, Supply, Demand, MR, ATC, MC

Part 1

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

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?