Microeconomic Analysis practice questions:

Please see below:

PCRQ. A major assumption of a perfectly competitive market structure is that of an intensely competitive market. Given this assumption, describe and illustrate {up load to Dropbox) how a representative rm in a perfectly competitive industry can earn negative economic prot in the short-run and zero {normal} economic prot in the long-run. PCEQ1. Describe why the perfectly competitive market structure is used as a reference market structure in comparison to the imperfect competitive industries (i.e. monopoly, monopolistically competitive, and oligopoly)PCEQZ. Describe how economies of scale may serve as an effective barrier to competition in imperfect competitive industries PCEQS. Describe the role advertisement and marketing can play in a perfectly competitive market model