Plesae answer 5 questions.
Type 10 pages with double space format with times news roman. You can find some models to explain questions from online and paraphrase. not required full original work
2 What are the relationship between marginal cost and the supply curve for the purely competitive firm. Show a model.
3 “Pure monopoly guarantees economic profits.” Discuss whether this is a valid statment and show an illustration of such
4 What are the major features of monopolistic competition compared to pure competition and pure monopoly?Show and explain models of each kind.
5 why do monopolistically competitive firms spend funds for product differentiation and adverstising when this practice only adds to the firm’s costs? Give 5 examples of products that fit this explanation.
6. Discuss the “Law of diminishing returns ” as it relates to Consumer Behavior. Show a table ” schedule ” that demonstrates. B) additionally, show and explain the consumer equilibrium model.