1. Use graph(s) and/or table(s) to illustrate and explain the differences between the revenue curves of a price maker and a price taker.3 Mark
2. Graphically represent normal profit. Explain why normal profit is the minimum required to keep operating in the long run. 1.5 Marks
3. Graphically represent and explain why the demand curve of a perfectly competitive firm, a monopolistic firm and a monopoly is different. 1.5 Marks
4. Why is a perfectly competitive market structure very unlikely to exist in the real world?1 Mark