Your initial post should answer the following questions/prompts:

1. What is Porter's FiveForces model used to evaluate?
2. What is the profit maximization rule?
3. Explain the meaning of each of the assumptions for perfect competition.
4. Explain the difference between economic profit and accounting profit.
5. What changes in the long run under pure competition? What happens to profits? Explain why it makes sense for this to happen to profits.
6. Explain why economists think that the outcome of pure competition, especially in the long run, is good.
7. Under Monopolistic Competition, goods are no longer homogeneous. How does the monopolistically competitive equilibrium compare to the pure competition equilibrium?
8. Give an example of a monopolistically competitive market. Explain why this example fits.
9. Give an example of an asymmetric information situation other than car purchasing. Explain why this example fits.