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Monopoly Assignment Market Structures Comparison Perfect Mano olistic ' Competition Compitition Ollgupuly Monopoly Number of Firms Many Many or Few Few (2, 3 or more} One Product Homogeneous Slightlyr Different Different or Same Unique Prot Max. Rule Game The\"), me: Me Pricing Power of Firm Price Taker To a. certain degree Price Setter Barrier to Entry None Slightly ,I' None Maybe Yea (\"'h at?) Production Technology Same Same or Di'erent Same or Different Exclusive Shortrun Equilibrim Pos. or Neg. Prot Pos. or Neg. Prot Not applicable Pos. or Zero Prot Pos. or Neg. Prot Long-run Zero Proft Zero Prot Example Answer the following question briefly in your own words 0.1 What is the demand curve facing the firm? 0.2 Why is it different from the case firms in perfectly competitive market? 0.3 What is marginal revenue? 0.4 How to find marginal revenue? 0.5 What is the profit maximizing rule for a monopolist? 0.6 Should monopolist exit in the long-run? Why? 0.7 Why does monopolist not exist in the inelastic portion of demand curve? 08 What is the consumer surplus? 0.9 What is producer surplus? (This is clearly different from the profit! How and why?) 0.10 What is allocative efficiency