Reference no: EM132285504
Please answer the following:
1) What are the conditions of perfect competition?
2) What is the key assumption of a perfectly competitive market?
3) What are the sources of a Monopoly?
4) What is the characteristic of long-run equilibrium for a perfectly competitive firm?
5) Monopoly is characterized by___________?
6) Compare perfect competition and a monopoly?
7) Firms seek to maximize what?
8) What is a profit maximization rule?
9) What is a shut-down rule?
10) Per unit profit equation? What is the equation for profit calculation?
11) What is the optimal output rule?