08:17 3EGEEI 53.97%- X [:1 Micro Topic 4.1 lmperfectly Competitive Markets Part 1: Comparing Perfect Competition and Imperfect Competition- The tables below show the price and quantity demanded for a perfectly competitive firm and a non-price discriminating imperfectly competitive firm. Fill in the data in the tables and answer the questions. Perfectly Competitive Firm lmperfectly Competitive Firm Price Quantity Marginal Demanded Revenue 2 2 2 2 $1 $1 $1 $1 $1 $1 $1 1. Use the tables above to explain why the perfectly competitive firm is a "price taker" and the imperfectly competitive firm is a \"price maker". Part 2: Maximizing Profit- Assume that the perfectly competitive firm and the imperfectly competitive firm have the same costs as shown in the table below. Fill in the table and answer the following questions. 2. What output would the perfectly competitive . r d ' ' r 7 Quantit Total Cost Magma" Average Irm pro uce t0 maXImize pro It. y C st Total Cost . How much profit would the perfectly 0 $10 ' competitive firm earn at the profit maximizing quantity? Show your work. . What output would the imperfectly competitive firm produce to maximize profit? How much profit would the imperfectly competitive firm earn at the profit maximizing quantity? Show your work. . Would the perfectly competitive market or the imperfectly competitive market have a greater increase in the number of firms in the long-run? Explain