f. Suppose market demand is below, what will the equilibrium price and quantity be in this market? Price Quantity Demanded 26 17,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8,0002. A monopolistic competitor has the following information about cost and demand. a. In the short run, what price will the monopolistically competitive firm charge? What quantity of output will they produce? And what profit would they obtain. Explain what you would expect to happen in the long run and why. b. Had this been data for a typical firm in a perfectly competitive market, what level of output and price would result? Quantity Price Total Marginal Total |Marginal Average ($) Revenue Revenue Cost ($) | Cost ($) Cost($) ($) ($) 25 0 25 30 2 24 48 23 35 2.5 17.5 23 92 21 45 5 11.25 22 132 19 60 7.5 10 21 168 17 77 8.5 9.63 10 20 200 15 100 11.5 10 12 19 228 13 126 13 10.5 14 18 252 11 165 19.5 11.79 16 17 272 210 22.5 13.13 18 16 288 260 25 14.44 20 15 300 5 320 30 163. Fill in the following table regarding the major characteristics of the 4 market structures (Add the space you need): Perfect Monopolistic Oligopoly Monopoly Competition Competition Number of Firms Ease of Entry/ Barriers to Entry Type/Nature of Good or Service (Homogeneous or Heterogeneous) Price Taker or Price Maker? Is Long Run Profit Possible? Is Efficiency Achieved in the long run