When analyzing the different market structures in this course (perfect competition, monopoly, oligopoly and monopolistic competition), we used the Structure-Conduct-Performance (SCP) model to evaluate them. In answering the following questions, feel free to use examples from lecture or the textbook - it lets me know you were paying attention. If your answer could have been written by someone who has only taken Principles of Micro, then it's not good enough.

a.Explain the SCP model and provide examples of market structure, market conduct, and market performance.

b.If you were to compare the different market structures, what main conclusion would you arrive at in terms of how the number of firms in the industry affects both conduct and performance? Explain.

c. What other market or product characteristics affect the conduct decisions firms have to make? Explain.

d.How does the role of a manager change in each of these market structures? You should discuss in which market structure a manager will probably have to make the fewest decisions, and in which market structure a manager will probably have to make the most decisions. You should also explain what some of those decisions are and how you go about making those decisions (using what you've learned in this class).