Need ans for (iv ECONOMIC PROFIT)

2. Purpose: This group assignment aims to allow students to work in teams and analyse the four market structures to relates in real-life industries. Prepare the assignment based on the questions below: i. Type of market structure. State the name of the market structure (Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly). ii. Industry and firm example. Identify at least THREE (3) firms that fits the characteristics you identified for each of the market structures. iii. Key characteristics. State and briefly explain FIVE (5) main characteristics for the market such as number of firms, types of product and pricing power. iv. Economic Profit. Explain the positive economic profit for each of the market structure with a diagram. 3. Instructions: STEP 1 Form a team of FIVE (5) members. Register your group member in MMLS to obtain the group number assigned in MMLS. STEP 2 Answer all the questions. You may design your padlet according to your creativity. STEP 3 Provide the padlet link in your Google Classroom