Define the features of and indicate the differences between the four types of the market structure – perfect competition, monopoly, monopolistic competition, and oligopoly
2 How to identify profit-maximizing output choice for short-run firms competing in four different types of the market structure?
3 Discuss why firms are pressured to produce at productive efficiency in the market structure of the perfect competition but not in monopoly
4 Summarize the rule to follow to determine if a profit is made or a loss is incurred by a short-run firm at the optimal output What considerations are taken into account for a short-run firm to keep running its business while bearing a loss? What considerations are taken into account for a short-run firm to shut down?
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