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V. Provide the characteristics that describe the following two (2) market structures. (10 Points) Pure/Perfect Competition Monopoly Number/Size of Firms Product Characteristics Control Over Price

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V. Provide the characteristics that describe the following two (2) market structures. (10 Points) Pure/Perfect Competition Monopoly Number/Size of Firms Product Characteristics Control Over Price Short-run "Economic" Profits Long-run "Economic" Profits (Yes/No?) VI. State (precisely) the "Profit-Maximizing Rule" for firms participating in either "pure/perfectly competitive" or monopolistic market spaces. (5 Points)

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