a. Evaluate the following statement: "Perfectly competitive firms sell their product at the same price. This is also true in some oligoplastic markets with standardized products. Therefore, these oligopolies are actually highly competitive". Explain in detail.

b. Compare the 4 market models (perfectly competitive, monopolistic competition, oligopoly , and monopoly) in terms of profit-maximizing output level for each, the shut-down rule for each, the probabilitu of long-run economic profits being earned and their social desirability. Explain in detail.

c. List and describe 3 key traits of a firm in an oligopolistic industry and give a real-life example of such an industry.

d. What are the major barriers to entry that explain the existence of monopoly.

e. Emily owns a hair salon last year she served 900 customers at $160 each and each customer costs her $50. Before going into the salon business, she worked as a teacher assistant at %60,000 a year. She has $60,000 in savings to buy a hair salon. The money had been earning 4% annual interest. Calculate Emily's economic profit and accounting profit. Should Emily continue with her hair salon business? Explain.