a) (9 points) List 3 key characteristics of a perfectly competitive market (not individual firm) b) (8 points) State and explain briefly 2 similarities between a perfectly competitive market and a monopolistic competitive market. c) (8 points) State and explain briefly 2 differences between a perfectly competitive market and a monopolistic competitive market. d) (8 points) With help of hypothetical MC, ATC and Demand curves of a perfectly competitive firm, illustrate a profit for the firm. e) (7 points) Reproduce the above curve in d), illustrate and explain briefly in words how a profit for the firm can be eliminated in the long run. K