1. Briefly contrast how firms in a perfectly competitive market will respond to long-run profits and losses. Include an explanation of each response affects the price level.
2. Briefly contrast perfect competition and monopoly to explain a monopoly may or may not display productive efficiency.
3. Briefly compare and contrast the incentives found in perfect competition with those found in imperfect competition.
4. Briefly discuss a four-firm concentration ratio, including an explanation of what it is used for and how it is calculated.

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