BASIC MARKET MODELS Draw a pure-competitive market model in equilibrium. Show both firm-level and market-level graphs. Label all graph elements. Include an image of the graph along with your answers to the following questions. 1.) What determines the price of a product in this market? 2.) How does a firm choose the quantity they will produce? 3.) What happens in this market when firms are profitable? 4.) What happens in this market when firms are loosing money? Now draw a pure-monopoly market model in equilibrium. 5.) What determines the price of a product in this market? 6.) How does a firm choose the quantity they will produce? 7.) What happens when the monopoly is profitable? 8.) What happens when the monopoly is loosing money