1. Graphically represent and explain the demand, total revenue, marginal revenue and average revenue curves of a price-taking firm.
2. Graphically represent and compare the demand curves of a monopoly and monopolistic competitive firm.
3. Graphically represent normal profit. Explain why normal profit is the minimum required for a firm to keep operating in the long run.
4. Why is a perfectly competitive market structure unlikely to exist in the real world?
5. Why does the share market closely reflects a perfectly competitive market?