A company operates in a specific industry. The demand for the product in the industry is P = 500 - 10Q. Assume that the marginal cost of product is $20 per unit.

1. What are the profit-maximizing price and profit-maximizing output under a market structure characterized by pure competition? (2 points). What is the firm's total economic profit? (1 point)

2. If all customers pay the same price for the product, what are the profit-maximizing price and profit-maximizing output under a purely monopolistic market structure? (5 points) What is the firm's total economic profit? (2 points)

3. Assume that the firm operates under monopolistic competition and charges a price of $30 for each product. What are the profit-maximizing price and profit-maximizing output? (3 points). What is the firm's total economic profit? (2 points)