Part 1: Comparing Perfect Competition and Imperfect Competition- The tables below show the price and quantity demanded for a perfectly competitive firm and a non-price discriminating imperfectly competitive firm. Fill in the data in the tables. Copy table into the answer box and complete.

Perfectly Competitive Firm

Price	Quantity Demanded	Total Revenue	Marginal Revenue
$12	0
$12	1
$12	2
$12	3
$12	4
$12	5
$12	6

2- Fill in the data in the table. Copy table into the answer box and complete.

Imperfectly Competitive Firm

Price	Quantity Demanded	Total Revenue	Marginal Revenue
$20	0
$18	1
$16	2
$14	3
$12	4
$10	5
$8	6

3- Use the tables above to explain why the perfectly competitive firm is a "price taker" and the imperfectly competitive firm is a "price maker".

Part 2: Maximizing Profit- Assume that the perfectly competitive firm and the imperfectly competitive firm have the same costs as shown in the table below. Fill in the table and answer the questions that follow. Copy the table into the answer box and complete.

Quantity	Total Cost	Marginal Cost	Average Total Cost
0	$10	-	-
1	$15
2	$18
3	$24
4	$34
5	$50
6	$72

1- What output would the perfectly competitive firm produce to maximize profit?

2- How much profit would the perfectly competitive firm earn at the profit maximizing quantity? Show your work.

3- What output would the imperfectly competitive firm produce to maximize profit?

4- How much profit would the imperfectly competitive firm earn at the profit maximizing quantity? Show your work.

5- Would the perfectly competitive market or the imperfectly competitive market have a greater increase in the number of firms in the long-run? Explain.