Explain the term market structure. Develop an analysis/model of perfect competition. Identify the conditions of perfect competition as well as the industry result of perfect competition in the short run? Develop a model that demonstrates the result for one producer (short run), and identify the goal of the producer (short run) as well as how the producer achieves this goal?

Show and explain adjustments to the short run. What usually becomes the steady state equilibrium for any one producer? What is the long run in perfect competition? What is the typical result? Why is this market structure considered efficient?