Due: SSE 103 HW6 Name of student: It is worth 20 points of the total course grad

Question

Due: SSE 103 HW6 Name of student: It is worth 20 points of the total course grade. Type your homework assignment. 1.5 spaced, 10- font. List at least 3 key characteristics of each of the following market structures: Perfect Competition, Monopoly and Monopolistic Competition Contrast and compare among the above market structures, i.e. list at least 2 similarities and 2 differences among them. Draw a hypothetical MR, Demand, MC and ATC curves for an individual firm in each of the above market structures and carefully show their profit or loss in your diagram. 1. 2. 3.

Explanation / Answer

1) Characteristics of perfect competition:

2) Characteristics of monopoly:

3) Characteristics of monopolistic competition:

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