2. Each of the statements below describes a characteristic of the following market structures: perfect competition, monopolistic competition, oligopoly, and monopoly. Identify which market structure displays each of the characteristics. (There may be more than one) (1 mark, each part) a) Each firm faces a downwardsloping demand curve. b) Price is greater than marginal revenue. 0) Each firm produces at MES in long run equilibrium. d) Firms earn profit in long run equilibrium. e) Firms produce a homogeneous product. f) Firms advertise their product. E g) Each firm produces output where MC = MR. h) Each firm produces output where P = MC. i) There is free entry to the industry. j) Firms produce a differentiated product. (1 mark, each part)