1. 2. Explain the difference between the shortrun and longrun in a perfectly competitive market. Pick an example ofa reallife market {for example, banking, telecommunimtion, etc]. Explain what market structure {perfect competition, monopoly, or monopolistic competition, oligopoly} your selected market belongs to and explain your answer. Jackie, Jerry, and Johnny run the only saloon in town. Jackie wants to sell as many drinks as possible without losing money. Jerry wants the saloon to bring in as much revenue as possible. Johnny wants to make the largest possible proE. Examine the monopoly diagram below that contains the demand, marginal revenue and cost curves of the saloon. Determine the pridequantity combination that lib each owner's preference and explain the reason behind each combination