Production, Entry, and Exit Replace this area with the Aggregate Outcomes chart Figure 3 1 Insert your responses to the following questions Analyze a business owner's decision making regarding whether to enter a market For example, what factors determined the driver's entry and exit into the market in the simulation Use economic models to support your analysis How does a business owner applying the concept of marginal costs decide how much to produce For example, how did the driver determine how many hours to drive each day Use economic models to explain How does the impact of fixed costs change production decisions in the short run and in the long run Use the average total cost (ATC) model included in the module reading chapters to demonstrate this impact Market Structures Complete the table by selecting the appropriate response from the drop down select menu within each cell, except for the final column in which you will enter your text based response Market Structure Number of Firms Type of Product Sold Price Taker Price Formula Freedom of Entry Short run Profit Long run Profit Industry Examples Perfect Competition Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Insert two to three example industries that meet the criteria of the market structure Monopolistic Competition Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Insert two to three example industries that meet the criteria of the market structure Monopolies Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Insert two to three example industries that meet the criteria of the market structure Oligopolies Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Choose an item Insert two to three example industries that meet the criteria of the market structure Table 4 1 Insert your responses to the following questions Explain what market inefficiencies derive from monopolies and monopolistic competition Use

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Production, Entry, and Exit [Replace this area with the Aggregate Outcomes chart.] Figure 3.1 [Insert your responses to the following questions: Analyze a business owner's

Production, Entry, and Exit

[Replace this area with the Aggregate Outcomes chart.]

Figure 3.1

[Insert your responses to the following questions: Analyze a business owner's decision making regarding whether to enter a market. For example, what factors determined the driver's entry and exit into the market in the simulation? Use economic models to support your analysis.]

[How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.]

[How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.]

Market Structures

[Complete the table by selecting the appropriate response from the drop-down select menu within each cell, except for the final column in which you will enter your text-based response.]

Market Structure	Number of Firms	Type of Product Sold	Price Taker?	Price Formula	Freedom of Entry?	Short-run Profit?	Long-run Profit?	Industry Examples
Perfect Competition	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	[Insert two to three example industries that meet the criteria of the market structure.]
Monopolistic Competition	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	[Insert two to three example industries that meet the criteria of the market structure.]
Monopolies	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	[Insert two to three example industries that meet the criteria of the market structure.]
Oligopolies	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	Choose an item.	[Insert two to three example industries that meet the criteria of the market structure.]