Complete the following table of information to compare two CS of market Structures, monopolies and perfectly competitive markets. Perfect Competition Monopoly What is the profit maximizing rule? What is the relationship between P & MR? What is the relationship between P & MC? Can the firm earn economic profit in the SR? Can the firm earn economic profit in the LR? What is the relationship between the quantity produced and the allocati efficient quantity? Are their barriers to entry? How many firms (generally) are in the market? (i.e. many, few, one) Is the firm a price taker? Give an example of a product a firm would sell