Oligopoly Firm

Q.1 Draw and explain the shape of its demand and marginal revenue curves in the short run.( include any laws/theories if any that determine their shape)

Q.2 Draw and explain the shape pf its marginal cost and average cost curves in the short run (include anyeconomic theories/laws if any that determine their shape.

Q.3With the help of a diagram explain the short run equilibrium of the firm to include the determination of price, quantity and profit

Q.4Explain the long-run equilibrium position of the firm to include the determination of price, quantity and profit

Q.5Is the firm making super normal profit in the long run?