Match the four market structures below to the proper description of their features. Many sellers, standardized non-differentiated products One seller, differentiated product Many buyers and sellers, differentiated products Few sellers, differentiated products Perfect competition Oligopoly Monopoly Monopoly Monopolistic competition Perfect competition Monopolistic competition Oligopoly Match the four market structures below to the proper description of their profits. Monopoly Perfect competition Monopolistic competition Oligopoly Profits can and probably do exist in the long term Profits can and probably do exist in the long term Firms don't charge a markup and don't earn economic profit in the long run Firms don't earn economic profit in the long term, even though they charge a markup Firms don't earn economic profit in the long term, even though they charge a markup Firms don't charge a markup and don't earn economic profit in the long run Profits can exist in the long term, but may be eliminated over time Profits can exist in the long term, but may be eliminated over time Match the four market structures below to the proper description of their outcomes. Perfect competition Oligopoly Monopoly Monopolistic competition Price equals marginal cost and quantity maximizes gains from trade Price is too high, quantity is too low Price may be too high, quantity may be too low, but this depends on whether firms cooperate or compete Price equals marginal cost and quantity maximizes gains from trade Price is too high, quantity is too low, but it may still be efficient if there is value to having variety Price is too high, quantity is too low Price may be too high, quantity may be too low, but this depends on whether firms cooperate or compete Price is too high, quantity is too low, but it may still be efficient if there is value to having variety