3. Classify the following markets (monopoly, oligopoly, monopolistic competition, and perfect competition} for these products? Explain in detail why. a. national communications b. tap water c. Red Bull d. wine 4. Below thgtejs some costs of production by Clock Company: Quantity Total Fixed Cost Total Variable Cost $50 $0 1 50 50 2 50 70 3 50 90 4 50 140 5 50 200 E 50 360 a. Calculate the following: marginal cost, average total cost average variable cost, average xed cost, at every level of production. b. The price of a piston is 50. What is the prot or loss if the company decides to shut down operations? Explain. 5. For each of the following characteristics, say whether it describes a perfectly competitive rm, a monopolistically oompetitive rm, both, or neither. a. sells a product differentiated from that of its competitors b. has marginal revenue less than price c. earns economic prot in the long run d. produces at the minimum of average total cost in the long run e. equates marginal revenue and marginal cost f. charges a price above marginal cost