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Slide 1 Quick Quiz On 2 separate diagrams For a firm facing a downward sloping demand curve: Illustrate normal profit Illustrate abnormal profit Slide 2 Market Structures…

Market Models /Structures* *are theoretical frameworks for existing firms and industries in the real world. Basic market models: 1. Pure/ perfect competition- a market situation…

Slide 1 Perfect Competition Chapter 10 © 2016 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as…

Monopolistic Competition Learning Objectives: What is Monopolistic Competition? How is it different from Perfect Competition or Monopoly? How does a monopolistically competitive…