6.2 Next, you are given production and cost data for the monopolist. Q TFC TVC TC AFC AVC AC MC 0 700 0 10 390 11 20 700 30 940 40 1, 120 50 1,250 60 1,340 70 1,400 80 1,440 90 1,470 100 1,500 110 1,560 120 1,660 130 1,810 140 2,020 150 2,300 160 2,660 170 3, 110 180 3,660 190 4,320 200 5, 100 210 6,010 220 7,060 1IIII 230 8,260 240 9,620 1 16.3 What are the four types of market structure encountered in the economy? How is price competition affected by i) the number of firms in the industry; ii) the type of product sold; and iii) barriers to entry. 6.4 What are the various types of competition pursued by companies? In which type of markets does one encounter the most price competition? In which type of markets does one encounter the most product competition? Explain how and why. 6.5 What are the four goals that motivate business behaviour and decision-making under different conditions? When is a firm more likely to opt for short-run profit maximization? Long-run maximization