A given firm faces the costs shown by the curves below. For each part of the question, draw demand and marginal revenue curves consistent with the given market structure and other information given. Label your curves. If the curves coincide, draw the curve only once but use both labels. a) Perfect Competition, short run, + profit b) Monopoly, short run, + profit c) Monopolistic Competition, short run, + profit d) Perfect Competition, long run e) Monopoly, long run f) Monopolistic Competition, long run $/unit MC ATC AVC Qty

A given firm faces the costs shown by the curves below. For each part of the question, draw demand and marginal revenue curves consistent with the given market structure and other information given. Label your curves. If the curves coincide, draw the curve only once but use both labels. a) Perfect Competition, short run, + profit b) Monopoly, short run, + profit c) Monopolistic Competition, short run, + profit d) Perfect Competition, long run e) Monopoly, long run f) Monopolistic Competition, long run $/unit MC ATC AVC Qty

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter10: Monopolistic Competition And Oligopoly

Section: Chapter Questions

Problem 1.1P

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