PART A

Define the terms accounting profits, normal profit, and economic profit.

PART B

According to thetext"To maximize profits, a monopolist can use the profit-maximizing rule we introduced in Chapter 9 . . . ." (Mateer & Coppock, 2017, p. 316). What is that profit-maximizing rule?

b) Why mightlong-run economic profits persist in a monopoly but not in perfect competition?

Hint: See Table 10.3 in our textbook (Mateer & Coppock).

PART C

Define the term "price discrimination." According to Mateer & Coppock, what two conditions are necessary for price discrimination?

Isyour workplacea price discriminator? If so,discuss the different prices it charges and to whom it charges different prices? How is this price discrimination accomplished? If not,providean example of a firm that is a price discriminator anddiscuss the different prices

it charges and to whom it charges different prices?

PART D

3.a)Define the term oligopoly.

b) How do the characteristics of the oligopoly market structure differ from the characteristics of the monopolistic competition market structure? How do the characteristics of the oligopoly market structure differ from the characteristics of the monopoly market structure?