1. What do you think best describes each of the following markets: perfect competition, monopoly, oligopoly or monopolistic competition? Explain. a. The market for cars. b. The market for soy beans. c. The market for cellphones. d. The market for dining out in a large city. 2. Why is price equal to marginal revenue for a perfectly competitive firm but not for a monopolist? 3. Bob's is one of many burger stands along the beach. Figure 12.1 shows Bob's cost curves. a. If the market price of a burger is $4, what is Bob's profit-maximizing output? b. Calculate the economic profit that Bob's makes. c. With no change in demand or technology, how will the price change in the long run