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 firms 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.
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