Question
Please discuss perfect and imperfect competition and the impact of competition on the shape of the demand curve.What are the attributes of a perfectly competitive
Please discuss perfect and imperfect competition and the impact of competition on the shape of the demand curve.What are the attributes of a "perfectly" competitive and imperfectly competitive firm?Please give an example of a highly competitive and a highly imperfectly competitive product / industry.Please show graphically the relationship between the demand, total revenue and marginal revenue curves for a monopoly and perfectly competitive firms.Show graphically the price and sales level for economic profit maximization and no economic profit for a perfectly competitive and imperfectly competitive firm using the demand, marginal revenue, and costs curves.Please discuss pricing above marginal cost for an imperfectly competitive firm and price equals marginal cost for a "perfectly" competitive firm.
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