Homework answers / question archive / Explain different market structures (pure competition, monopoly, monopolistic competition, oligopoly)and the implication of their characteristics on the efficient allocation of scarce resources as well as the potential for market failure and (course objective 5) Discuss how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short run and the long run

Explain different market structures (pure competition, monopoly, monopolistic competition, oligopoly)and the implication of their characteristics on the efficient allocation of scarce resources as well as the potential for market failure and (course objective 5) Discuss how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short run and the long run

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Explain different market structures (pure competition, monopoly, monopolistic competition, oligopoly)and the implication of their characteristics on the efficient allocation of scarce resources as well as the potential for market failure and (course objective 5) Discuss how firms attempt to optimize their objectives in response to price signals under a variety of market structures in the short run and the long run.Summarize the assumptions of a perfect competition diagram Draw the steps to drawing a perfect competition diagram for profits, losses and zero economic profits. Explain why companies maximize profits when the produce where MR=MC1A. Using lecture section 8.2 "How perfectly competitive firms make output decisions" - section "Assumptions" Summarize the assumptions of the perfect competition model. 2A. Using lecture section 8.2 "How perfectly competitive firms make output decisions" - section "The model showing profits" (You should have 4 different drawings for this) Use the diagrams in the lecture in this section and copy those to include 4 different drawings for the "Strawberry market" and draw Step1; step 2; step 3 and step 4 to show a perfect competition profit diagram. 3A. Using lecture section 8.2 "How perfectly competitive firms make output decisions" - section "The model showing losses" (You should have 4 different drawings for this) Use the diagrams in the lecture in this section and copy those to include 4 different drawings for the "Strawberry market" and draw Step1; step 2; step 3 and step 4 to show a perfect competition loss diagram. 4A. Using lecture section 8.2 "How perfectly competitive firms make output decisions" - section "The model showing zero profits" (You should have 4 different drawings for this) Use the diagrams in the lecture in this section and copy those to include 4 different drawings for the "Strawberry market" and draw Step1; step 2; step 3 and step 4 to show a perfect competition zero profits diagram.5B. Using your textbook section 8.1 "Perfect Competition and why it Matters" Explain the conditions of perfect competition. 6B. Using your textbook section 8.2 "How Perfectly Competitive Firms Make Output Decisions" specifically the section "comparing marginal revenue and marginal costs" Explain why profits are maximized when companies produce where MR = MC