A. Draw the graphs for a perfectly competitive firm and a monopolistically competitive firm that are operating in the long run. (8 points) What are the similarities and differences? (8 points)

B. Draw a graph of the different short-run costs faced by a firm. (4 points) Describe and compare these costs. (6 points)

C. Draw a graph depicting economies of scale, constant returns to scale, and diseconomies of scale. (4 points) Explain the meaning of each. (6 points)