1. Complete Table

Market Structure Number of Firms Type of Product Sold Price Taker? Price Formula Freedom of Short-run Long-run Industry Entry? Profit? Profit? Examples Perfect Competition Choose an item: Choose an item: Choose an Choose an Choose an Choose an Choose an [Insert two to Infinite, many, few Unique, differentiated, item: Yes, item: P=MC, item: Yes, M item: Yes, item: Yes, three example dominant firms, one identical, differential or [5.9, P>MC, PMC, PMC, PMC, P