explain in details and using diagrams where appropriate the three main salient characteristics of each of the following market structures a. perfect market b. monopolistic competition market c. monopolistic market d. oligopolistic market * draw a diagram to show a firm in a monopolistic competition market making a short run loss but remaining in production. in your diagram, include the labels for the following: AR for average revenue; MR for marginal revenue; AC for average cost ; AVC for average variable cost and MC for marginal cost * for price discriminating monopolist, the inverse demand functions for two markets are given as follows p1= 16-Q1 p2=9-Q2 where:- p1 is the price in sub-market 1 p2 is the price in sub-market 2 Q1 is quantity demanded in sub-market 1 Q2 is quantity demanded in sub-market 2 Using the above information, calculate the profit maximizing outputs and prices in each of the sub-market when the industry’s marginal cost equals 10 units

/in /by

explain in details and using diagrams where appropriate the three
main salient characteristics of each of the following market
structures

a. perfect market

b. monopolistic competition market

c. monopolistic market

d. oligopolistic market

* draw a diagram to show a firm in a monopolistic competition market
making a short run loss but remaining in production. in your diagram,
include the labels for the following: AR for average revenue; MR for
marginal revenue; AC for average cost ; AVC for average variable cost
and MC for marginal cost
* for price discriminating monopolist, the inverse demand functions
for two markets are given as follows

p1= 16-Q1

p2=9-Q2

where:-

p1 is the price in sub-market 1

p2 is the price in sub-market 2

Q1 is quantity demanded in sub-market 1

Q2 is quantity demanded in sub-market 2

Using the above information, calculate the profit maximizing outputs
and prices in each of the sub-market when the industry’s marginal cost
equals 10 units

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