Microeconomics assignment

Description Students are to complete assignments in Word (or some other compatible word processor; no PDF) and apply economic concepts learned in this course to the answers submitted for evaluation. Do not submit more than ONE document for your assignment. 1. Explain the difference between the short-run and longrun in a perfectly competitive market. 2. Pick an example of a real-life market (for example, banking, telecommunication, etc}. Explain what market structure (perfect competition, monopoly, or monopolistic competition, oligopoly) your selected market belongs to and explain your answer. 3. Jackie, Jerry, and Johnny run the only saloon in town. Jackie wants to sell as many drinks as possible without losing money. Jerry wants the saloon to bring in as much revenue as possible. Johnny wants to make the largest possible profits. Examine the monopoly diagram below that contains the demand, marginal revenue and cost curves ofthe saloon. Determine the price-quantity combination that fits each owner's preference and explain the reason behind each combination. MC AT 10 C 7.50 25 30 35 60