Explain as to Why and How?

(a)The marginal revenue curve of a purely competitive firm is horizontal at the market

price.

(b)A perfectly elastic demand curve implies that the firm can produce unlimited quantity.

(c)List the characteristic of pure monopoly.

(d)Monopolistic competition means a market situation where competition is based

entirely on product differentiation and advertising.

(e)Nonprice competition is prevalent in Monopolistic Competition.